Hacked Crypto Exchange Zaif Sells Majority Stake to FISCO to Compensate Affected

[btc_angela]

Hacked Crypto Exchange Zaif Sells Majority Stake to FISCO to Compensate Affected Customers

Affected Customers to Be Compensated

There is good news for those customers of Zaif whose funds were stolen during a security breach earlier in September. Funds worth 6.7 billion yen (approximately $59.7 million) were stolen during the hacking incident which happened earlier in September. Zaif is a Japanese cryptocurrency exchange run by Tech Bureau Corp., an Osaka-based start-up.

To compensate customers whose funds were stolen, the company has entered into an agreement with FISCO, Japanese financial services, and investment support group. As per the agreement, FISCO will provide, “financial support of Yen 5 billion, enter a capital alliance enabling acquisition of a majority of the Company’s shares and allow for a majority of directors and the dispatch of an auditor.”

https://www.livebitcoinnews.com/hacked-crypto-exchange-zaif-sells-majority-stake-to-fisco-to-compensate-affected-customers/

At least this is a good news for their customers. That's what you love Japanese, they're true to their words and honour is everything to them.

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[qiman]

I am sad to hear so many exchanges are getting hacked but it is good that they are compensating the users and traders of the exchange as this will bring more confidence to the markets in general. The last attacks on Coinrail and Bancor that happened a few months ago were pretty nasty and I am not sure if the traders there got compensated or not, so it is a pleasant surprise to see this exchange has done good by its traders. It must be music to the trader's ears right now to receive their compensation.

[peter0425]

I am sad to hear so many exchanges are getting hacked but it is good that they are compensating the users and traders of the exchange as this will bring more confidence to the markets in general. The last attacks on Coinrail and Bancor that happened a few months ago were pretty nasty and I am not sure if the traders there got compensated or not, so it is a pleasant surprise to see this exchange has done good by its traders. It must be music to the trader's ears right now to receive their compensation.

Yep, I'm sure that those traders who's money are stolen are very happy indeed to hear that Zaif has done its part to compensate everyone. Although its going to bite them in their ass because they have to sell half of their shares. I do hope that they're learned their lessons from the hack and also other exchanges should really tighten their security because hackers are targeting them and we don't know when those criminals are going to strike next.

[btc_angela]

I am sad to hear so many exchanges are getting hacked but it is good that they are compensating the users and traders of the exchange as this will bring more confidence to the markets in general. The last attacks on Coinrail and Bancor that happened a few months ago were pretty nasty and I am not sure if the traders there got compensated or not, so it is a pleasant surprise to see this exchange has done good by its traders. It must be music to the trader's ears right now to receive their compensation.

What do you expect? Huge amount of money is involved here that's why hackers is having a field day exploiting global exchanges and stealing large sums of money. I also see that exchanges are helpless because they're always 2 steps ahead in this game. But Zaif is really good by taking the initiative to compensate their customers. This might not be the last of exchanges being hack, so exchange needed to be vigilant 24 x 7.

[coinwizard_]

Exchanges should make better use of cold storage to ensure the safety of the funds. Also, employ white hat hackers to test their security systems frequently.

[TimeTeller]

I am sad to hear so many exchanges are getting hacked but it is good that they are compensating the users and traders of the exchange as this will bring more confidence to the markets in general. The last attacks on Coinrail and Bancor that happened a few months ago were pretty nasty and I am not sure if the traders there got compensated or not, so it is a pleasant surprise to see this exchange has done good by its traders. It must be music to the trader's ears right now to receive their compensation.

What do you expect? Huge amount of money is involved here that's why hackers is having a field day exploiting global exchanges and stealing large sums of money. I also see that exchanges are helpless because they're always 2 steps ahead in this game. But Zaif is really good by taking the initiative to compensate their customers. This might not be the last of exchanges being hack, so exchange needed to be vigilant 24 x 7.

Aside from being vigilant, they really need to invest in having a functional security team.
Better allot good amount of money in security features rather than thinking that at the end, they can always compensate their customers if something goes awry.
But their move is really commendable, most of the hacked crypto exchanges didn't do that to their customers.
Japanese people are really great people even in business side. They are not greedy ones.