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Japanese Exchange Zaif Postpones Compensation Payment After Hacking

15:56 08/10/2018

Tech Bureau (Osaka), which is the owner of the Zaif trading crypto platform, has postponed for an indefinite period the terms of losses recovery for its customers following the September cyberattack on the exchange, Nikkei Asian Review reports.


Tech Bureau has ceased registering new customers aiming to focus on resolving the payment issues to users who have lost $40 million from the total theft amount of $61.5 million. The stolen monetary funds were in bitcoins, Bitcoin Cash, and Monacoin.


Initially, the management of Tech Bureau promised to disclose the terms and payment plan to aggrieved customers by the end of September, but now it has changed its decision and announced that the payment procedure will take more time.


Zaif crypto exchange was subjected to a cyberattack in mid-September. Tech Bureau discovered the theft a few days later, on September 17, and immediately reported the incident to the Financial Services Agency of Japan.


The fact of the theft was made public on September 20, and in order to reassure its customers, Tech Bureau officials announced an agreement with the investment company Fisco Corporation, which promised to allocate $44.59 million to cover damages. As a result, the corporation was to receive most of the securities of the exchange, however the discussion of the agreement details was delayed.


The incident with the Zaif crypto exchange is considered the second by the amount of stolen funds in Japan after the January hacking of the Coincheck trading platform. Then the scammers managed to steal $530 million in the NEM cryptocurrency.


After Zaif was hacked, the Japan Virtual Currency Exchange Association decided to limit the circulation of funds in hot storage since such wallets are most vulnerable to hackers.

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