After Suffering Big Losses in a Hack, Cryptocurrency Exchange Zaif Will Be Back in Business

After suffering a hack that caused enormous losses last year, Japanese cryptocurrency exchange Zaif will be back in business on April 23. In September 2018, Zaif suffered a loss of crytocurrencies worth 6.7 billion yens (approximately $59.8 million) when bitcoin (BTC), bitcoin cash (BCH), and monacoin (MONA) were stolen through a hack.
As part of the user compensation plan after this incident, it was agreed that the business would be transferred from Tech Bureau to Fisco Digital Asset Group (FDAG). This transfer, Zaif announced, became effective on April 22. Therefore, Zaif will resume normal activities on April 23.

The sale of the business was necessary to compensate the users who lost Monacoin in the theft. However, the losses will not be entirely compensated in cryptocurrency. Users will be repaid 60% in cryptocurrency and the rest in fiat currency. Users will get 144.548 yen ($1.28) per MONA, and they will be able to withdraw the repayments since April 23.

The hack that affected Zaif is not an isolated case in Japan. In a different incident, an 18-year old hacker was able to breach Monappy, which is a digital wallet that can be easily installed on a smartphone. The hacker managed to steal 15 million yen (more than $134,000) of cryptocurrency. The hacker was referred to Japanese prosecutors in March to respond for the accusations against him.

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