Tech Bureau, the operators of Zaif Cryptocurrency Exchange, published its financial plans to offset the accounts of customers affected by the last month's hack.
Fisco Digital Asset acquires the exchange of ZAIF cryptocurrencies
In a press release published Wednesday, Tech Bureau announced the conclusion of the business agreement with the Fisco Digital Asset Group. As reported previously, after the violation of the hot portfolios of Zaif on September 14th, the operators announced their intention to enter into agreement with Fisco Digital Asset to sell majority shares of the exchange and receive financial support to pay off the value of 4.5 billion yen of customer assets lost in the violation.
According to the press release, Tech Bureau concluded the negotiations with Fisco on October 10, 2018. However, the final agreement is a business transfer agreement with respect to the acquisition of majority shares initially reported.
Despite a change in the final agreement, Tech Bureau has ensured that customers interested in Fisco will take responsibility for issuing the promised financial support.
A part of the press release reads [rough translation]:
In the official contract between the virtual currency exchange company Fisco and our company, the usage contract * between our company and our customers is included as a successor. Therefore, the contractual relationship between us and the customer will be transferred from our company to the Fiscal Virtual Currency Exchange Co., Ltd. by way of a wire transfer.
At the successful conclusion of the transfer agreement, Tech Bureau will hold a general meeting of shareholders on November 19 and the transfer of business will take place on November 22nd.
Financial support plan for cryptocurrencies lost
With regard to the right of customers to receive compensation for any lost cryptocurrency filed with Zaif, under this new agreement, Fisco will assume responsibility for providing compensation to the victims of the 14th of September.
The official report published by Tech Bureau at the time of the violation showed that hackers stole 5,966 BTC and an undisclosed amount of MONA and BCH from the hot wallet of the exchange.
For customers who have lost Monacoins in the violation, the notice specifies a 40% compensation plan for Monacoins of a customer with the Japanese Yen at a rate of ¥ 144,548 to 1 Monaco. The platform plans to return the remaining 60% as Monegasque to the accounts involved and available for withdrawals when the withdrawal services are restarted on the exchange platform.
However, the technical office will not continue to trade with Monaco past 5pm on Wednesday. In this way, the company can easily check the number of Monaco available in the accounts of each customer to finalize the compensation scheme.
As for Bitcoin and Bitcoin Cash, deposits and withdrawal services will be available upon completion of business transfer.
Although there is a formal agreement for business transfer, Fisco requires individual customer approval for the transfer to be effective. Fisco and Tech Bureau will issue an official announcement on the acceptance procedure.
For customers who accept the transfer, Fisco will assume the contractual responsibilities on their accounts and the contracting party will change from Tech Bureau to Fisco. Customers who do not approve will keep their accounts with Tech Bureau.
Cover image courtesy of Shutterstock.