Zaif Crypto Exchange to Restart Trading Services After Over Half a Year After Being Hacked
The virtual currency exchange Zaif will be transferring the business from Tech Bureau to Fisco Digital Asset Group (FDAG). The Japanese exchange was hacked last year and stopped its operations in the market. As Cointelegraph Japan explains, the transfer will become effective on April 22 and users will be able to start trading on April 23.
Zaif Resumes Trading Operations After Hack
Cryptocurrency exchanges all over the world have been affected by hacks and attacks. Zaif, the Japanese cryptocurrency exchange, was one of these platforms affected. Back in September 2018, the platform lost Bitcoin (BTC), Bitcoin Cash (BCH), and Monacoin (MONA). The digital currency exchange lost almost $60 million in virtual currencies.
Now that the exchange has been acquired, the intention is to repay investors that lost Monacoin after the hack. FDAG provided financial support of over $44 million to Tech Bureau and also acquired most of the company’s shares.
The main intention behind this sale is to repay investors that lost their funds in the hack, specifically, Monacoin. Users will receive 40% in fiat and 60% in crypto.
There have been several attacks to virtual currency exchanges, and Japan has been one of the most affected countries. Coincheck, another crypto exchange, was attacked early in 2018 and lost $500 million in NEM (XEM) coins. Furthermore, Zaif was also experiencing some bugs on its platform. Because of this reason, the regulatory agencies of the country decided to impose strict rules for companies to start operating in the country.
Mt. Gox, a Japanese exchange, was also hacked in 2014. This was the largest hack in Bitcoin’s history and affected the market like no other.
Each BTC can be bought for $5,280 and it has a market cap of almost $94 billion. Each Monacoin (MONA), instead, can be purchased for over $1.22 and it has a market capitalization of $80 million. In the last 24 hours, Monacoin has been the best performing digital asset in the cryptocurrency market with a price increase of almost 40%.
Live Bitcoin (BTC) Price:
1 BTC/USD =$50,350.3877 change ~ -0.80%