Sunday, 7 October 2018

Hacked Crypto Exchange Zaif Yet To Compensate Customers

The victims of the crypto exchange Zaif hack have not yet received compensation for their losses.

Crypto exchange Zaif which was hacked three weeks ago is yet to compensate its users. The exchange’s parent company, Tech Bureau suspended trading on the platform when it uncovered the hacking incident. It apologized to its customers and stated that the customers can expect compensation soon. Even though the exchange had allegedly made arrangements to have the funds available, the customers are still to receive compensation for their losses.

Earlier Tech Bureau had announced immediately after the hack that it has made a deal to sell off a large chunk of the company to Fisco Digital Asset Group for $44.5 million to compensate its customers. However, the exchange told regulators this week that it needs additional time to finalize the repayment plan.

Crypto exchange Zaif’s parent company, Tech Bureau added that it is still trying its best to work out the terms of the Fisco deal. This news comes as a surprise since the two companies had earlier quickly reached an understanding post the hack. Also, both the companies had three weeks in hand to hash out the details.

On October 1, Tech Bureau shared that as soon as they complete the basic agreement with Fisco, they will proceed towards negotiations and consultation for concluding the formal contract. It also added that there won’t be any change in terms of compensation for the customer assets. It assured that once the deal is finalized, it would promptly share the details, as mentioned in the PR Times Japan.

Meanwhile, Japan’s Financial Services Agency (FSA) launched an investigation into the crypto exchange Zaif hack. The FSA subsequently issued a business improvement order to Tech Bureau. This was the third business improvement order received by Tech Bureau for the Zaif exchange, as stated in the CoinGeek report. The recent hacks have added more pressure on regulators to crack down and intervene on crypto exchange operators to ensure that they are offering adequate security to their customers.

The post Hacked Crypto Exchange Zaif Yet To Compensate Customers appeared first on OWLT Market.



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