Japanese crypto exchange Zaif resumes operations after hack

Japanese cryptocurrency exchange Zaif has announced that the transfer of the business from Tech Bureau to Fisco Digital Asset Group (FDAG) went into effect on April 22.

Zaif suffered a major hack in September 2018 in which hackers with unauthorized access were able to drain nearly $60 million in bitcoin, bitcoin cash, and MonaCoin from its hot wallets.

Following the hack, Zaif entered into an agreement with Fisco Digital Asset Group to receive a ¥5 billion (or $44.5 million) investment in exchange for a major share of ownership. With the transfer of ownership now complete, Zaif will resume its normal activity today.

The sale of the exchange was part of the efforts to compensate the users who lost Monacoin in the hack, Cointelegraph reported. Zaif said that the affected users will be repaid 40% in Japanese yen and 60% in crypto.

“The yen conversion rate will be 144.548 yen per MONA,” Zaif said (via online translation). “MONA physical trading is scheduled to resume from April 23, 2019.”

In November 2018, Zaif’s previous owner, Tech Bureau, announced its plans to quit the cryptocurrency industry.