Japan: Zaif Exchange Handover Complete as Previous Owner Vows to Dissolve Company

Tech Bureau, the company that formerly operated hacked Japanese cryptocurrency exchange Zaif, has completed its handover to buyer Fisco Cryptocurrency Exchange (FCCE), Cointelegraph Japan reported Nov. 22.

FCCE, which agreed to take over proceedings in October, will now assume responsibility for compensating users who lost money in the hack, which occurred Sept. 20 and involved funds worth around $60 million at the time.

According to a press release from 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 statement.

The hack occurred as both authorities and the Japan’s new self-regulatory crypto group are beefing up application requirements for the country’s new cryptocurrency exchange licensing scheme.

In January, fellow exchange Coincheck lost $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 began resuming deposits and withdrawals of NEM (XEM), one of the coins affected by the hack.

Japanese Cryptocurrency Exchange Zaif to Resume Activity Seven Months After Hack   April 21, 2019
Deadline for Mt. Gox trustee rehabilitation plan extended again   Oct. 15, 2020
Report: Fortress Offers to Buy Mt. Gox Bitcoin Claims at $900 a Piece   July 8, 2019
Forced Deal and FSA Scrutiny: What Do We Know About Japan’s Latest Hack   Sept. 21, 2018
Mt. Gox Opens Online Rehabilitation Claim Filing System for Corporate Users   Sept. 12, 2018