Zaif as houses: Hacked crypto exchange to resume operation

Zaif, a Japanese cryptocurrency exchange that was hacked last September, is getting ready to resume its operations just seven months after a security breach that lost $60 million.

According to Cointelegraph Japan, the cryptocurrency exchange’s transfer from its former parent company Tech Bureau to Fisco Digital Asset Group will become effective today and Zaif will resume operations.

As we reported last year, the Japanese cryptocurrency exchange lost about $60 million worth of cryptocurrency in just two hours. Three different types of cryptocurrency were successfully withdrawn in the hack – Bitcoin Cash, Bitcoin and MonaCoin. The majority of was in Bitcoin.

Monacoin is a cryptocurrency created in Japan – a reference to ‘Mona’, a cat-like ASCII art character used on 2channel:

After the security breach, Fisco Digital Asset Group provided Tech Bureau with around $44.6 million of financial support, and acquired the majority of the firm’s shares in return.

Since then, the exchange has refunded users that lost crypto assets in the breach. Holders of BTC and BCH were refunded in their original cryptocurrency, but, due to liquidity issues with the token, MONA holders received about 60 percent in the crypto and the remainder in Japanese yen for compensation at a rate of around 145 yen per MONA.