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Zaif's latest refund plan update on the $60M hack

11 Oct, 2018
by Fifi Arisandi
News
Zaif's latest refund plan update on the $60M hack

Zaif exchange reveals the latest updates on the refund plan post the major $60 million hack last month. 

After many media coverage related to Zaif's major hack last month that costed the exchange $60 million, Tech Bureau, the company behind Zaif announced the latest update on the refund plan. 

As reported earlier, Tech Bureau has signed an agreement with Fisco Digital Asset Group that was willing to infuse a large amount of fund into the company for refund purpose. However, it appears that the agreement clauses have changed over time as the company now says that they will transfer the exchange (Zaif) under Fisco crypto exchange to avoid unnecessary risks further. 

Fisco will resume the compensation process using their own Bitcoin and Bitcoin Cash, whereas for Monacoin, they will repay in the form of Japanese Yen at a rate of $1.28 per token, as reported by Coindesk

The "business transfer" is scheduled on November 22nd, which prior to that, the two parties will hold shareholder meetings in October. Tech Bureau will then dismiss their crypto exchange business and request the Japanese Financial Services Agency (FSA) to revoke their license. 

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