Japanese exchange resumes activity post-hack

Fisco Digital Asset Group (FDAG) acquired majority shares in the company.
The users of the exchange who lost monacoin in the hack will be repaid 40% in fiat currency and 60% in crypto.

Rajarshi Mitra Independent Analyst

Zaif, Japanese cryptocurrency exchange, announced that the transfer of ownership from Tech Bureau to Fisco Digital Asset Group (FDAG) became effective on Monday, April 22 and will resume operations this Tuesday. In September of last year, Bitcoin (BTC), bitcoin cash (BCH), and monacoin (MONA) worth 6.7 billion yen (~$59.8 million) were stolen from the exchange in a hack.

FDAG acquired the company’s majority shares by proving financial support of 5 billion yen (over $44.6 million) to Tech Bureau. The users who lost BTC and BCH were refunded in their original cryptocurrency, however, because of liquidity issues, those who lost MONA in the hack will be repaid 40% in fiat currency and 60% in crypto (Japanese Yen). The rate of compensation will be 144.548 yen ($1.28) per MONA which will become available for withdrawal on April 23.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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