According to an announcement, Japanese crypto exchange Zaif has concluded a business transfer agreement with another regulated crypto exchange in Japan. Fisco will take care of all the services of Zaif will be responsible for repaying users who lost their coins when Zaif was hacked on September 14, last year.
Tech Bureau, a former operator of the virtual currency exchange Zaif, announced on August 22 that it will close the virtual currency exchange business.
The Tech Bureau operated the Zaif until November 2018 but now this will be taken over by Fisco. The announcement issued a notice stating:
“Users who have not moved their accounts to FISCO at that time still have accounts left in Tech Bureau. For those users, a refund will be made in Japanese yen from September 2 to November 30.”
The procedures for refund application can be found on the Tech Bureau’s website.
The report on Crypto Watch Impress also says:
“When Tech Bureau signed a Zaif business transfer agreement with the FISCO virtual currency exchange on October 10, 2018, the registration of the virtual currency exchange business will be abolished after the completion of the procedure, and the dissolution procedure will be carried out It was announced that it was scheduled.”
Zaif’s Twitter account tweeted as:
“[Regarding some reports regarding Tech Bureau, Inc.]
An announcement regarding the closing of Tech Bureau Co., Ltd. has been reported, but Zaif is currently operated by FISCO Virtual Currency Exchange, and this exchange will not be closed. In addition, customers who have agreed to the business succession procedure with the Company do not need any refund procedures.”
The whole story can be related back to September 14, 2018, when the regulated Japanese exchange Zaif was hacked on that day. The exchange first noticed an unusual outflow of funds on the platform around 17:00 Japan time on September 14, after which the company suspended asset deposit and withdrawal services. After investigation, it was discovered that hackers with unauthorized access to the exchange’s hot wallets had stolen roughly $60 million USD in bitcoin, bitcoin cash, and MonaCoin.
On September 20, 2018, Fisco Cryptocurrency Exchange, announced a plan to provide 5 billion yen to help Tech Bureau compensate its affected users in exchange for the majority of the company’s shares.
