After suffering a lossful hack, Zaif, a Japanese crypto exchange platform handed over to Fisco Cryptocurrency Exchange (FCCE) from its previous operator Tech Bureau.
In September, The Japanese crypto exchange zaif was hacked, and it lost a considerable amount of 4.5 billion yen from users’ hot wallets, plus 2 billion yen from the company’s assets. In this hack, the exchange lost a total of around 6,000 Bitcoin.
Tech Bureau affirmed at the time of hack that the firm Fisco Digital Asset Group would help Zaif to come out of the losses occurred due to the hack. Later a declaration came from Tech Bureau stating that it has an agreement with FISCO regarding the handover.
On this Thursday, the process of handover has been completed. By now, Zaif is 100 percent owned by FISCO. Therefore, FISCO will proceed to compensate the investors who lost money in the hack. Moreover, FCCE stated that compensation proceedings should begin before the end of this month. This step would generate a sense of trust and certainty among the users, especially those who were affected in the hack.
On this, Tech Bureau revealed its plan to exit from the crypto market. The company stated, “We will abolish the registration of our virtual currency exchange and plan to dissolve.”
However, this was not at all a first hack incident in Japanese cryptocurrency market. In fact, the amount Zaif lost in the hack was significantly lower than some of the other hacks. Notably, one of the influential hacks was with a Japanese exchange Coincheck. In which it had lost $534 million.
After this big hack incident, Coincheck was taken over by an online broker company named Monex. By the time, Coincheck started resuming deposits and withdrawals of NEM (XEM), which was one of the coins harmed by the hack.
Such hacks in Japan proved that the firms were not taking necessary precautions. This situation made the Japanese regulatory authority to impose stricter regulations to maintain a secure atmosphere in crypto space.