Fisco Completes Acquisition Of Hacked Crypto Exchange Zaif

News | November 23, 2018 By:

Fisco Cryptocurrency Exchange (FCCE) has announced that it has finalized the acquisition of Zaif, the hacked crypto exchange previously operated by Japanese FinTech firm Tech Bureau.

Zaif was hacked on September 14 with approximately 6.7 billion yen ($60 million) worth of cryptocurrencies stolen, including bitcoin, Bitcoin Cash, and MonaCoin. Following the hack, Japan’s Financial Services Agency (FSA) issued the third business improvement order to Tech Bureau. Last month, Tech Bureau announced that it will start compensating users when Fisco takes over the exchange.

On Thursday, Fisco announced that the deal has been completed and that it will take the necessary steps to compensate the users who lost money in the hack. Compensation proceedings are expected to begin before the end of this month. Fisco added that it will operate both FCCE and Zaif in parallel. In the future, however, FCCE aims to integrate the exchange system. It also said that they will implement FSA’s business improvement orders.

In a statement, Tech Bureau said that it plans to dissolve its entity and retire from the crypto industry.

“We will abolish the registration of our virtual currency exchange and plan to dissolve,” Tech Bureau said.