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Japanese Digital Asset Exchange to Recommence Activity, Got Hacked Seven Months Ago

Zaif, the crypto exchange based out of Japan, declared that the relocation of the business from Tech Bureau to FDAG will become effective on April 22, and that normal activity will resume on April 23. The development was first reported by Cointelegraph Japan, a cryptocurrency media outlet.

It is to be noted that bitcoin cash, Bitcoin, and monacoin were stolen from the digital asset exchange in a hack last year, in the month of September. The infamous hack resulted in total losses of digital assets and cryptocurrencies worth 6.7 billion yen (approximately $59.8 million). With the acquisition, FDAG provided financial support of 5 billion yen (around $44.6 million) to Tech Bureau. Also, FDAG acquired a majority of the company’s shares. Notably, the acquisition is a part of the user compensation plan

As per the previous media reports in October 2018, the sale of the crypto exchange is part of the plan to reimburse the users who lost Monacoin tokens in the hack after the sale of the business. Interestingly, the affected users will be repaid forty percent in fiat currency and sixty percent in the form of cryptocurrency. It is to be noted that the rate of reimbursement will be 144.5 yen (approximately $1.28) per MONA which will become accessible for withdrawal today.

As per the previous media reports, an eighteen-year-old hacker was referred to Japanese prosecutors for stealing cryptocurrency, in mid-March. The hacker purportedly infringed the security of Monappy, a digital currency wallet that can be installed on a smartphone. He allegedly stole around 15 million yen (over $134,000) of digital assets and cryptocurrencies.

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