A Japanese crypto exchange called Zaif has recently announced its decision to resume operations following the infamous hack. As per the announcement from the company, it will transfer its business from Tech Bureau to Fisco Digital Asset Group or FDAG. Here is everything about it in a nutshell.
According to the official report, the aforementioned transfer will be made official come April 22. The following day, which is April 23, users will finally be able to start trading once again. It is worth noting that the cryptocurrency exchange got hacked last year, disabling it from performing its operations.
Resumes Trading Operations
There are lots of digital currency exchanges being affected by hacks and attacks across the world. One of these is none other than Zaif, which got affected last year. Back in September that year, the company unfortunately lost Bitcoin Cash, Monacoin, and even the world’s leading crypto Bitcoin. According to an official report from that time, the exchange lost nearly $60 million in digital currencies.
Now that the crypto exchange has been acquired, the utmost goal is to repay all investors who lost Monacoin following the infamous hack. In fact, the FDAG has already provided around $44 million of financial support to the Tech Bureau, not to mention its recent acquisition of most of the latter’s shares.
The company clarified that the main intention of this acquisition is to repay investors that lost their funds after the aforementioned hack, with Monacoin being the most affected digital currency. Not only users will receive 60 percent in crypto, but they will also obtain at least 40 percent in fiat.
Attacks On Crypto Exchanges
There have been countless attacks on cryptocurrency exchanges, with Japan being one of the most affected countries across the world. Take for instant Coincheck, which is another crypto exchange. The company lost around $500 million in NEX (XEM) coins following an attack in early 2018. Back in 2014, a Japanese crypto exchange called Mt. Gox also got hacked. Apparently, it has been deemed the largest hack in BTC’s history and it affected the market like no other.
Zaif, back in 2018, was also undergoing bug issues on its platform. As such, the regulatory agencies of Japan decided to implement stricter rules for firms when it comes to starting their operations in the country. And while everything has been doing well so far, companies cannot help but be more wary of their operations in an attempt to anticipate any hack or attack.