Crypto Exchange Zaif Delays Compensation After Loss Of $ 60 Million
Tech Bureau, the operator of the Japanese cryptocurrency exchange Zaif, has not yet released a strategy to compensate users’ funds affected by the hacker attack last month, thus disrupting the previously designated plan..
In order to be able to better deal with its obligations, the Tech Bureau has suspended registration of new users. The compensation plan was expected to be released by the end of September, however, according to Nikkei Asian Review, the operator said the task would require additional time..
Hackers managed to steal about $ 60 million in three cryptocurrencies from the exchange’s hot wallets in 2 hours on September 14. The company itself became aware of the incident only on September 17, after which it immediately reported it to Japan Financial Services Agency. The hack was publicly announced only on September 20.
To protect the interests of affected users, the Tech Bureau entered into a “base agreement” with the publicly traded Japanese company Fisco Digital Asset Group, which agreed to provide $ 44.59 million in compensation payments in exchange for a controlling stake in the exchange. However, the companies have not yet agreed on the final terms of the deal..
Hacking crypto exchange Zaif has become the second largest in Japan since the beginning of this year, after $ 530 million in NEM cryptocurrency was stolen from Coincheck wallets in January. Coincheck began paying compensation in mid-March, that is, 6 weeks after the incident, and in April the company was acquired by the Japanese brokerage firm Monex.
The Tech Bureau, in turn, has previously received two orders from the authorities to improve business practices. In particular, they talked about the inadmissibility of storing large volumes of cryptocurrencies on hot wallets. According to a new initiative of the Japan Association of Virtual Currency Exchanges, its members may be allowed to store only 10-20% of clients’ assets in such wallets..
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