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Hacked Japanese Exchange Zaif To Transfer Responsibilities To Fisco

By

Nathan

Graham

WriterETHNews.com

Maybe the best way to protect investors is to give that responsibility to someone else.

Embattled Japanese cryptocurrency exchange Zaif has announced plans to compensate customers who lost digital assets in Monacoin after the exchange was hacked, according to an official October 10 statement.

Last month, Zaif's operator, Tech Bureau Corp, reported that the exchange had suffered a loss of 6.7 billion yen (approximately $5.7 million) due to a September 14 hack. In that press release, Zaif mentioned it would be working with Fisco Digital Asset Group to determine how to reimburse customers who lost crypto and protect its investors from future attacks.

Yesterday's press release states that Fisco Digital Asset Group has agreed to provide financial support to the tune of 5 billion yen in return for a capital alliance that will allow Fisco to obtain the majority of Zaif's stock. This will ultimately lead to the exchange being transferred to Fisco and operating under the name "Fisco Cryptocurrency Exchange."

Fisco will take over operations for Zaif and be responsible for compensating those who lost cryptocurrency in the hack. According to Tech Bureau Corp, affected customers will be reimbursed in yen at a rate of 144.548 yen (approximately $1.28) for every Monacoin lost. As of yesterday, Zaif has stopped all Monacoin transactions.

Buying and selling of bitcoin and bitcoin cash will proceed as normal, but deposits and withdrawals will not resume until after the transfer to Fisco Cryptocurrency, which is scheduled for November 22. 

Nathan Graham

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

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