Hacked Zaif crypto exchange due to re-open on April 23

22 Apr, 2019
by David Robb
Exchange
Hacked Zaif crypto exchange due to re-open on April 23

The crypto exchange Zaif is due to relaunch, after last year's major hack. The Japan-based company will start to reopen trading on April 23, as reported by 21 Cryptos.

Around $60 million worth of crypto was stolen from the Zaif trading platform last year, after hackers were able to access the exchange's hot wallets. The company only had $20 million in reserve, leaving it needing around $40 million to cover losses.

After struggling to reclaim funds for a while, Zaif secured investment of around $44.5 million from a Japanese firm called Fisco Digital Asset Group. On November 22, Fisco took over ownership of the business from Tech Bureau.

Most of the funds stolen were in Bitcoin (BTC), Bitcoin Cash (BCH), and Monacoin. Users who lost these tokens are to be paid back in 40 percent fiat and 60 percent crypto. This will be ready for withdrawal when the exchange reopens on April 23.

Japanese exchanges were a particular target for hacks in 2018. Over $500 million was stolen from the Coincheck trading platform in January, accelerating the pullback from the crypto market's historic bull run.

Read more about: Japan

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