Zaif fails to show compensation plan after September hack

Posted 08 October, 2018

Japan's trading platform Zaif operated by Tech Bureau is yet to show the compensation plan after it lost $60 million due to the hack in September. This, in fact, breaks the previously announced plan.

The exchange's operator reportedly suspended user registration to focus on this issue. Specifically, it was planned that the compensation plan would be released till the end of September. However, later the company noted that it would need more time, as reported the media.

For reference, Zaif lost some $60 million from hot wallets on September 14. At the same time, the company had detected the hack only in three days after the accident, though it immediately reported to the corresponding authorities.

Notably, it was the second major hack attack in Japan in 2018, following the hack that hit the Coincheck in January resulting in $530 million losses. In terms of Coincheck, users were refunded in spring, and then Monex acquired the platform.

Tech Bureau, the operator of Zaif, has taken measures to protect the users. According to the reports, the company has entered into the basic agreement with Japan's Fisco Digital Asset Group. Under the agreement, Zaif will receive $44.59 million for refunding in return for a stake in the exchange. The final contract is yet to be agreed.

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08 October, 2018 16:31

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