Zaif finally posts compensation plan involving business transfer

Posted 11 October, 2018

Japan's Zaif exchange operated by Tech Bureau has eventually unveiled the compensation strategy after the September hack.

Yesterday, the company posted a press release saying that Tech Bureau entered into an agreement with Japan's investment company Fisco, which in fact would become the owner of the trading platform. This contract is said to eliminate risks that Fisco and Zaif clients can face.

A certified exchange in Japan Zaif suffered from hacking attack in September. Specifically, the company detected the hack and consequently the loss of $60 million in cryptos only in a few days after the accident. Initially, the company had stated that the compensation plan would be developed and published till the end of September, though as of early October it failed to show the plan.

With the announced agreement, Fisco will use its own reserves to refund users with bitcoins and Bitcoin Cash. As for Monacoin that were also stolen, the users will be paid back in yen at 144.548 ($1.28) per coin.

The report reads that the companies are about to hold a meeting this month, while Tech Bureau will give up its operator power and pass the business on November 22. Specifically, the company has turned to Japan's Financial Services Agency for the cancellation of its license.

For reference, Zaif operator signed an initial agreement with Fisco just after the hack. According to that contract, the latter could invest $44.5 million to refund users that lost their money in return for the majority stake in the platform. At the same time, it has been agreed later that Fisco would receive the whole business.

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11 October, 2018 13:39

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