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Crypto Exchange Zaif Handover to FISCO, Plans to Dissolve and Retire

As per the reports of a news outlet, November 22, Japanese cryptocurrency exchange Zaif, previously operated by Tech Bureau, has finished its handover to a crypto exchange Fisco (FCCE).

The Fisco Cryptocurrency Exchange (FCCE) is going to assume the responsibility for the users who have lost their money in the hack which occurred on September 20, where the total loss was around $59.7 million. The press release of FCCE says that the compensation process will begin at the end of this month.

The Crypto Exchange Hack

The crypto exchange Zaif was hacked in September where the hackers stole around 4.5 billion yen from the hot wallet of users, around 2 billion yen from the assets of the company, and it resulted in the loss of around 6.7 billion yen, added around 6000 Bitcoin.

The crypto exchange on Thursday announced that it has completed its handover to crypto exchange FISCO and the firm now will take steps that are required to compensate the users who have lost their money in the hack of crypto exchange Zaif.

Tech Bureau Handover

Tech Bureau which formerly operated the crypto exchange Zaif stated that Fisco Digital Asset Group is going to help Zaif in recovering the losses that occurred from the hack. Tech Bureau, on October 12, announced that they had signed a deal with Japanese investment firm and has decided to hand over the business of crypto exchange Zaif to FISCO Cryptocurrency Exchange (FCCE).

The crypto exchange FISCO is going to compensate the users before the end of this month. The firm also decided that they will continue this process until users have a sense of calm and trust which is lost due to the hack.

Tech Bureau also stated that the company now planned to move out from the virtual space. In a statement on Thursday exchange said that the business is transferred to Fiscal Virtual Currency Exchange Corporation and the users will be notified when it is done.

The firm added, “We will abolish the registration of our virtual currency exchange and plan to dissolve,”

This is not the first time that hacking has impacted the virtual industry to the core, Earlier this year, Coincheck lost around $534 million in one of the biggest hacks that occurred in Japan. The regulatory authorities of Japan have adopted strict rules to control scams over BTC and other altcoins.

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