Zaif, a Japanese cryptocurrency exchange that was hacked in September of last year, is reportedly getting ready to resume its operations seven months after the security breach, as the trading platform is being transferred to a new parent company.
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 (April 22, 2019), which means Zaif will be able to resume operations.
As CryptoGlobe covered, the Japanese cryptocurrency exchange lost about 6.7 billion yen (nearly $60 million) worth of cryptocurrency when it was hacked, with hackers taking over 6,000 BTC from its wallets, along with bitcoin cash and monacoin (MONA).
Monacoin is a cryptocurrency created in Japan, based “on the popular ASCII art character, Mona.” After the security breach, Fisco Digital Asset Group provided Tech Bureau with 5 billion yen /over $44.6 million) in finical support, and acquired the majority of the firm’s shares.
In a press release announced the move, Tech Bureau also revealed Monacoin holders would be reimbursed at a rate of 155.548 yen ($1.28) per Monacoin, while no reimbursement plan was announced for users who lost BTC or BCH to the hack.
— CryptoGlobe (@CryptoGlobeInfo) September 25, 2018
It’s worth noting that before the security breach occurred, Japan’s Financial Service Agency (FSA) had already issued a business improvement order to Tech Bureau, warning the firm to beef up Zaif’s security.
The FSA asked the exchange, at the time, to submit a written proposal for enhancement of its security measures. The regulator has been taking a tough stance on local trading platforms since Coincheck saw hackers steal over $500 million worth of NEM tokens from its wallets in January of 2018.
A string of huge hacks on Japanese cryptocurrency exchanges saw regulators tighten their grip on cryptocurrency-related activities in the country, in a move made to protect investors.