$60m cryptocurrency hack: victims still don’t have their money back

The Zaif cryptocurrency exchange is still trying to cement the funds to pay its customers back…

Back in September came the news that the Japanese cryptocurrency exchange Zaif has been hit by a successful hack. The upshot of it was the cybertheft of some $60m worth of cryptocurrency, across Bitcoin Cash, Bitcoin and MonaCoin.

Since then, Japanese authorities have got heavily involved, having already had Zaif’s parent company, Tech Bureau, in its crosshairs.

Japanese regulators have criticised Tech Bureau both for failing to provide sufficient details on how thieves managed to breach its defences, and then for its initial delay in reporting the security breach.

Now, though, comes the news that there’s still no date for when customers affected by the theft will actually getting their funds back, although progress has been made.

Zaif had been trying to secure a loan to quickly recompense those affected, but as per its latest press announcement (translated from Japanese), “we have concluded a basic agreement to begin examination aiming for a formal agreement on financial support through a subsidiary of Fiscalo Digital Asset Group Co., Ltd., a group company of Fiscal”.

This agreement will cover the amounts needed to pay those affected back, but as you can see, it’s only at the ‘basic agreement’ stage. The actual deal to get hold of the funds has not yet been done.

Zaif is insistent that everyone will still get paid back, but inevitably must also be aware of regulators breathing down its proverbial neck. The need to move quickly is pretty clear. “We sincerely apologize to our customers and stakeholders for their tremendous inconvenience and concern”, it wrote.