Crypto Industry Matures as Bitcoin Exchange Reopens After $60 Million Hack
By CCN.com: Zaif, a Japanese crypto exchange that was hacked in September 2018, is preparing to resume its operations in Japan according to the official document released by the exchange.
The document released by Zaif on April 19 stated that all users affected by the hack will be compensated fully. The company said that users have the right to seek the return of the crypto assets deposited with the exchange that was lost during the security breach.
About $60 million worth of bitcoin, bitcoin cash, and monacoin were lost during the hack.
Taking Responsibility For the Hack and User Funds is Good For Crypto
Based on the roughly translated document of Zaif, as a part of a deal to fully compensate all users affected by the hack, the company sold a large portion of its ownership to Fisco for $44.5 million.
“After that, on condition of financial support of approximately 5 billion yen, transfer of Zaif business from Tech Bureau Co., Ltd. to us was decided. In addition, we have asked customers via the Internet and by telephone etc. for the procedures for consenting to business succession,” the document read.
The company took responsibility for the hack, secured a deal to compensate users that lost funds during the breach, and established a roadmap to reopen.
