No Compensation Plans after Zaif Hack

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Zaif Hack as Zaif logo behind hacked sign

Although three weeks have passed since the Zaif hack incident, operator Tech Bureau is yet to reveal the client compensation plans. The company seeks to pay out affected customers but no specific date was set so far for the payment.

Investors that were victims of the attack are yet to receive reimbursements from the platform. The infamous hacking attack took away $60 million worth of cryptocurrencies. The initial timeline for the compensation indicated the end of September, with total reimbursement value standing at $40 million.

Compensation Plans yet to Come

Although three weeks have passed since the unfortunate Zaif hack attack, its operator, Tech Bureau, remains silent regarding the compensation plan. Currently, the amount lost during the incident stands at $60 million, with $40 million lost by clients. To compensate the users, Zaif management promised reimbursements and took steps to achieve it. So far, the company stopped new account registrations to focus on the compensation task.

The initial date for the payout was set to be on September 28, two weeks after the incident. To gather necessary funds, platform’s representatives contacted Japanese investment firm Fisco for a $44 billion bailout agreement. The talks are still ongoing at this point, according to the Tech Bureau, with no clear reimbursement policy set in place.

$60 Million-worth Zaif Hack

On September 14, Japanese cryptocurrency exchange platform experienced a debilitating attack, resulting in $60 million loss. The Zaif hack saw bitcoin, Bitcoin Cash, and Monacoin lost from clients’ online wallets. The platform failed to notice the damage until September 17, forcing Japan’s Financial Services Agency (FSA) to investigate security practices at the company.

Related: https://coinedtimes.com/cryptocurrency-exchange-hack-not-a-new-thing-in-japan/

In June, Tech Bureau was one of the six exchanges that received official “business improvement order” by the FSA. Currently, apart from the reimbursements, Zaif also faces administrative penalties due to the insecure wallet platform.

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