After a devastating hack in September last year, the Zaif cryptocurrency exchange has announced that it will reopen on April 23rd, after the business has been transferred from Tech Bureau to Fisco Digital Asset Group.
The hack that left the Zaif exchange closed down, until now
Last year the Zaif exchange, hailing from Japan, was the victim of a devastating hack where the attackers managed to steal an incredible $60 million USD equivalent, after gaining unauthorised access to the exchange’s hot wallets.
The cryptocurrencies stolen were primarily Bitcoin, Bitcoin Cash, and MonaCoin, and while cryptocurrency exchanges are known for their hoarding of very large amounts of money, at that current time Zaif’s reserve fund only had $20 million, leaving the exchange needing $40 million to cover the losses.
The Zaif crypto exchange was able to secure investment to cover the cost of the hack
In a turn of good fortune, Zaif was able to secure investment from another Japanese firm called Fisco, which gave them $44.5 million USD in exchange for a large stake in the ownership of the company.
Zaif reopens April 23rd
The exchange’s sale was part of a long-term plan to help users that were affected by the hack, specifically those who held MonaCin, to be repaid for their losses. The users were said to be repaid with 40% fiat currency and 60% cryptocurrency. The exchange rate on this will be $1.28 per coin, and will be ready for withdrawal when the exchange reopens on April 23rd.
Investors and traders will be able to breathe a sigh of relief after 7 long months of waiting for their money to return.