Last month, Japanese cryptocurrency exchange, Zaif was hacked and almost 6.7 billion yen worth of cryptocurrencies stolen. In a post, apologizing to their customers, the exchange had said, “Since September 14, some services such as deposit / withdrawal of virtual currency are not in operation at our service, which has inconvenienced our customers. As a result of our survey, it turned out that some of the deposits / withdrawal hot wallets were hacked by unauthorized access from the outside and part of the virtual currency managed by us was illegally discharged to the outside .
This situation will result in betraying the trust of all our customers who trust our company and keeping valuable assets, and we apologize for lying down.”
In a new update, the exchange said they have rolled out a plan to refund the lost funds to their customer. Through another post, the exchange transferred their business relationship with Fiscal Virtual Currency Exchange Co., Ltd. They concluded a business transfer agreement (hereinafter referred to as “formal contract”) to the effect that it will be transferred to Fiscal.
As part of the agreement, the exchange said Fiscal would use its own bitcoin and bitcoin cash fund to refund customers who had lost their assets. As far as Monacoin is concerned, Tech Bureau said Fisco would refund users in the Japanese yen at a rate of 144.548 yen, or $1.28, per unit.
At the moment, the services are suspended; however, the exchange said, “In addition, after the operation of the Fiscal Virtual Currency Exchange Co., Ltd. after November 22, which is the execution date of business transfer, we are working on restarting the service of deposit and withdrawal, and we will announce the date soon. Since the virtual currency equivalent to the lost quantity is procured at the Fiscal virtual currency exchange Co., Ltd., it is impossible to withdraw money for all of the virtual currency held by the customer.”
As previously reported by Crypto-News India, Zaif was ordered by the Financial Services Agency (FSA), to improve its functionality, on atleast two previous occasions.