Exchange News

Hacked crypto exchange back on track after being rescued by a Japanese publicly listed company

A hacked crypto exchange, Zaif, is set to resume operation after a Japanese publicly listed company came to its rescue.

As per a notice on its website, the hacked crypto exchange said that the deal to transfer ownership from Tech Bureau, its previous owner to its new owner, Fisco, will be finalized today, April 22. The exchange will open doors, again, tomorrow April 23.

According to information on Zaif’s corporate website, the deal was worth roughly 45 million U.S dollars. Zaif had been out of business since September last year when a hacker siphoned cryptocurrencies worth slightly above 62 million U.S dollars in the form of Bitcoin (BTC), Bitcoin Cash (BCH), and Monacoin (MONA). The hack prompted the exchange to deactivate new registrations.

The notice also indicated that those who lost Bitcoin and Bitcoin Cash were refunded in crypto. On the other hand, those who lost Monancoin were refunded 60 percent in the cryptocurrency and 40 percent in fiat (Japanese yen.). The hacked crypto exchange equated one Monacoin to approximately 145 Japanese yen.

According to the notice:

From April 23, 2019, MONA resumes physical transactions. It is necessary to adjust the balance (MONA decrease / JPY increase) as compensation support for those who have suffered from the case among customers who have accepted the business succession.

However, even after resuming operation Zaif will keep sign-ups, coin accumulation, counterparty token deposits & withdrawal, affiliate program, and Zaif Payment on hold until further notice.

Roughly two months after the exchange was hacked, experts from Japan Digital Design, a cybersecurity firm, announced they have unearthed information that can help identify the hackers. But, instead of publicly revealing the information, the cybersecurity firm said it has handed it over to Japanese law enforcement agents.

Since the hacked crypto exchange refunded lost cryptos in full, do you think this will help in wooing new customers?

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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