Zaif Exchange Back in Business After $60 Million Hack

Japanese cryptocurrency exchange, Zaif has announced in a press release that will resume operations on April 23, shortly after completing its move from Tech Bureau to new owners Fisco Digital Asset Group (FDAG).

As Coinfomania reported in 2018, the exchange experienced a disruptive hack which led to the loss of customers funds.

Approximately, a total of 6.7 billion yen (about $59.8 million) worth of cryptocurrencies, which included Bitcoin (BTC), Monacoin (MONA) and Bitcoin Cash (BCH), were lost during the hack.

Following the ugly incident, Zaif initiated the process of selling the exchange to raise enough funds to compensate affected customers who lost the native cryptocurrency, Monacoin.

Following the company’s transfer to the new owners in November 2018, FDAG offered a total of 5 billion yen (about $44.6 million) to financially aid Tech Bureau and as a part to acquire most of the firm’s shares.  

As per the latest release, customers would receive the convention at the rate of 40% and 60% in fiat and cryptocurrency respectively. The coin’s exchange value will also be 144.548 yen ($1.28) per Monacoin.

Additionally, the firm also considered an adjustment on balance (JPY increase/MONA decrease) as another bid to support victims who could still accept the firm’s decision to go on sale.

In a similar development regarding crypto exchanges, we reported that New Zealand based Cryptopia has returned to business following a January hack that led to the loss of an estimated $20 million.

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