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Fisco Takes Over Hacked Japanese Crypto Exchange Zaif

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Japanese cryptocurrency exchange Zaif, which suffered massive loss in a hacking attack last year, has been revived under a new owner.

Zaif announced that publicly listed Japanese investment firm Fisco took over the exchange on Monday, and that full operations will resume Tuesday.

Zaif said on its corporate website that Fisco bought the crypto exchange from Osaka-based Tech Bureau, the company that has been operating the exchange, for 5 billion Japanese yen ($44.675 million).

Zaif lost Bitcoin (BTC), Monacoin (MONA) and Bitcoin Cash (BCH) worth approximately 7 billion yen ($62.5 million) in an attack carried out on September 14, 2018.

Following this incident, Zaif suspended new member registration and asset deposit and withdrawal services.

As promised, Zaif has refunded investors of BTC and BCH in their original cryptocurrency.

But, due to liquidity issues, holders of MONA token received about 60 percent in the crypto and the remainder in Japanese yen for compensation at a rate of 144.548 yen per MONA.

It was the second major hack targeting cryptocurrency exchange in Japan last year.

The country's financial regulator has been issuing a series of business improvement orders to the cryptocurrency exchanges to step up consumer protection in the wake of $530 million theft of digital money from Tokyo-based Coincheck in January 2018.

Established in 2014, Zaif was one of the 16 government-approved crypto exchanges in Japan.

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