A Japanese cryptocurrency exchange known as Zaif recently announced that it will make a comeback under new management after temporarily halting its operations due to a massive crypto hack in September last year.
Zaif announced through its website on Friday last week that its cryptocurrency exchange platform would operate under new management as of April 22 and that it will be back in business on April 23. A Japanese investment company called Fisco Digital Asset Group (FDAG) which is publicly listed will henceforth manage Zaif. The exchange was owned and managed by from Tech Bureau at the time of the hacking incident.
Users compensated for the lost cryptocurrencies
The Zaif cryptocurrency exchange lost cryptocurrencies worth roughly 6.7 billion yen or $59.8 million to the hack that took place in September 2018. Monacoin (MONA), bitcoin cash (BCH), and Bitcoin (BTC) were stolen during the attack. FDAG offered more than 5 billion yen to Tech Bureau in terms of financial support after the hacking incident and it also took the opportunity to purchase most of Tech Bureau’s shares.
A previous Cointelegraph report published in September last year that Tech Bureau decided to sell the Zaif exchange as part of its plan to offer compensation to the users that were affected by the hack. The exchange has already refunded the lost cryptocurrencies to users although MONA users only received about 60% of their holding because of liquidity constraints. They received the rest of their compensation at 144.548 yen per MONA.
Japan Digital Design managed to track the hackers
Meanwhile, Japan Digital Design cybersecurity experts announced in November 2018 that they had potential leads that could help uncover the identities of the hackers. The cybersecurity experts claim that they managed to track the source of the attack after evaluating the Monacoin outflows after the attack was reported. Japan Digital Design reported that it forwarded the findings to the authorities although it did not release the information to the public.
An 18-year-old was reportedly arrested earlier this year for reportedly stealing digital currencies. Authorities claim that he breached a digital currency wallet called Monappy and stole cryptocurrencies worth 15 million Yen equivalent to about $134,000.
