Japan: Zaif Exchange Handover Complete as Previous Owner Vows to Dissolve Company
Tech Bureau, the company that formerly operated hackedcryptocurrency exchange , has completed its handover to buyer Fisco Cryptocurrency Exchange (FCCE), reported Nov. 22.
FCCE, whichto take over proceedings in October, will now assume responsibility for compensating users who lost money in the hack, which and involved funds worth around $60 million at the time.
According to afrom FCCE, compensation proceedings should begin before the end of this month.
No timeframe has yet been set for deposits and withdrawals at Zaif to resume.
Confirming the move, Tech Bureau said it planned to dissolve its entity and retire from the cryptocurrency industry.
“We will abolish the registration of our virtual currency exchange and plan to dissolve,” the company wrote in a.
The hack occurred as both authorities and the Japan’s new self-regulatory crypto group areapplication requirements for the country’s new cryptocurrency exchange licensing scheme.
In January, fellow exchange$534 million in one of the biggest exchange hacks in history, subsequently seeing a buyout and turnaround by online broker Monex.
Last week, Coincheck finally begandeposits and withdrawals of NEM ( ), one of the coins affected by the hack.