Zaif Exchange Reveals Refund Plan for $60 Million Crypto Hack

Zaif Exchange Reveals Refund Plan for $60 Million Crypto Hack

Behind the Japanese Crypto Exchange Zaif, the firm bureau disclosed the refund plan to compensate users after $ 60 million hack on the platform last month.

The tech bureau said in a release on Wednesday that it signed an agreement with FISCO to transfer to the publicly listed investment firm – FISCO cryptocurrency Exchange in Japan. Both said that this approach would avoid further risk for users and users of FISCO on the forum.

Zaif, one of the 16 licensed crypto exchanges in Japan, had experienced a hack on September 20 when approximately $ 60 million cryptocurrencies were stolen, which included approximately 6,000 bitcoin. Other settlement properties included Bitcoin Cash and Monacoin Cryptocurrency

As part of the Business Transfer Deal, the tech bureau said that FISCO will resume the customer compensation process, which would use its bitcoin and bitcoin cash to return users who lost two crypto properties. According to a statement from Fisco, the company started operating the Bitcoin Exchange in August 2016.

Meanwhile, for the stolen monacoin, Tech Bureau said Fisco would pay back users in the Japanese yen at a rate of 144.548 yen, or $1.28, per unit.

Based on the announcement, the two now expect to host shareholder meetings in October before they execute the business transfer on Nov. 22.

Tech Bureau said after that, it would dissolve its cryptocurrency exchange business and abolish the license registered with the Financial Services Agency, Japan’s financial market regulator.

A report told that immediately after the hack, the tech bureau had an initial agreement with FISCO that later to support Zaif’s compensation plan and 5 billion yen or $ 44.5 million to support the platform’s key ownership Will be offered. Nevertheless, after the meetings, both made changes in the initial plan with a business transfer approach.

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