Following up on our scam crypto news, three weeks after the hack attack, the crypto exchange Zaif announced that the platform has put up a compensation strategy so all of the victims can now be relieved.
The owner of the Japanese crypto exchange Zaif, Tech Bureau, announced that their plan is to sell the entire stake to Fisco Digital Asset Group which is a company that also conducts digital asset trading. This means that the company that buys the entire stake will be responsible for compensating the hack attack victims.
“In the official contract between the Fiscal virtual currency exchange corporation and our company, the contract specifies the former as the successor. Therefore, the contractual relationship between us and the customer will be transferred from our company to the Fiscal Virtual Currency Exchange Co., Ltd,” according to the statement.
The initial plan was for Tech Bureau to sell the majority stake to the FDAG but that plan changed after the bitcoin exchange stopped all registration of new accounts on the platform.
Victims who lost their assets to the security breach will be compensated by Fisco’s holdings. However, those users who lost their monacoins assets will be repaid in the Yen.
The Tech Bureau explained:
“And the compensation amount is “144.548 yen per 1 MONA coin”. This amount was adopted as an intermediate value of the price at Bitfryer Corporation and Bit Bank Corporation at 9:00 am on October 9, 2018. Please note that the exchange rate on this exchange at the same time is 128 yen, and we will compensate more than this amount.”
Tech Bureau plants to shut down the exchange after transferring the business. We are expecting the public announcement on October 22.
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