Bureau Tech To Dissolve After Handing Over Zaif To FISCO November 22, 2018 November 22, 2018 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 22, 2018 by Kelly Cromley

Bureau Tech To Dissolve After Handing Over Zaif To FISCO

The Zaif Hacking incident was one of the most recent hacking incidents in the cryptographic world. The Japanese crypto exchange was hacked in September and the hacker stole 4.5 billion yen from users ‘ hot wallets and 2 billion yen from the company’s assets, resulting in a total loss of 6.7 billion or 59.7 million dollars, including almost all amounts of 6,000 Bitcoin.

On Thursday the exchange announced that the transfer of the business to FISCO cryptocurrency exchange had been completed and that FISCO was taking the necessary measures to compensate users who had lost their money.

Bureau Tech Inc. Who operates the Japanese exchange at the time of the hack said that the company Fisco Digital Asset Group would help Zaif recover from the hack losses.

A month later, on 12 October, the exchange announced that it had signed an agreement with FISCO, a Japanese investment company, and that it would hand over the business of Zaif to the FISCO Cryptocurrency Exchange.

According to the press release, FCCE will begin the compensation process before the end of this month and this would go a long way towards creating a sense of tranquility and trust among the users who hit the hack. There is still no time to resume the deposits and withdrawals at Zaif.

Tech Bureau confirmed that the company is planning to move out of the cryptocurrency area. In a statement on Thursday, the exchange said that the company was transferred to the Fiscal Virtual Currency Exchange Corporation and informs the users when it is fully done.

The company added “We will abolish the registration of our virtual currency exchange and plan to dissolve.”

This is not the first hacking incident this year to have an effect on the cryptocurrency industry. Earlier this year in January, another Japanese exchange, Coincheck lost $534 million in one of the country’s biggest hacks, which led the Japanese regulatory authority –the Financial Services Authority–to adopt stricter regulations to curb Bitcoin and other cryptocurrencies ‘ speculations.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.