A month after the Zaif hack, Tech Bureau Inc., the firm behind Japan’s crypto exchange has come up with new plans to compensate its users.
In a press release on Wednesday, the firm stated that they had signed an agreement with Fisco, a Japanese investment firm. According to the agreement, tech Bureau will hand over Zaif’s business to Fisco’s already existing cryptocurrency exchange.
On the other side, the new owner will make it a point to compensate Zaif’s existing users who have lost funds due to the hack.
On September 20, the exchange was hacked and around $60 million worth cryptocurrencies were stolen which included almost 6000 Bitcoin. Along with Bitcoin, Bitcoin Cash and MonaCoin were also stolen.
According to Fisco, it will use its reserve of Bitcoin and Bitcoin Cash to compensate users who have lost both the crypto holdings in the hack.
For the ones who lost MonaCoin, Tech Bureau stated that Fisco will pay them in the Japanese Yen rate of the coin which adds up to 144.548 yen or in other words US $1.28 per token. While writing, MonaCoin was trading at $1.16, according to CoinMarketCap data.
Immediately after the hack, Tech Bureau entered into an agreement with Fisco, which said that Fisco would pay 5 billion yen, or $44.5 million, to partner with Zaif and acquire a major stake in the exchange. But after deep discussions, it was decided to transfer the whole company to Fisco.
A general shareholders meeting is scheduled to take place on October 19. A public announcement will be made on October 22 and the business transfer will be eventually executed on November 22.
The general shareholders meeting seeks to obtain approval by a regulatory or financial body, and also a final approval by the two companies under the agreement.
Image via Shutterstock
Join our Telegram group