Zaif exchange reveals refund plan for $60M crypto hack

posted 5 days ago
Tech Bureau, the firm behind the Japanese crypto exchange Zaif, has revealed a refund plan to compensate users after a $60 million hack that happened on the platform last month. Tech Bureau said it signed an agreement with Fisco – a publicly listed investment firm in Japan – to transfer the business of Zaif to Fisco Cryptocurrency Exchange.

Zaif, currently one of the 16 licensed crypto exchanges in Japan, experienced a hack on Sept. 20 when some $60 million worth of cryptocurrencies got stolen, including nearly 6,000 Bitcoin. As part of the business transfer deal, Tech Bureau said Fisco would resume the customer compensation process, which would use its own Bitcoin to refund users who lost the crypto asset. Tech Bureau said after that, it would dissolve its cryptocurrency exchange business and abolish the license registered with the Financial Services Agency, Japan's financial market regulator.
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