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BY CNA Team - October 11, 2018

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Tech Bureau transfers crypto exchange to Fisco

Fisco Cryptocurrency Exchange to take over Zaif from Tech Bureau
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Tech Bureau, the Osaka-based operator of the hacked Zaif crypto exchange, is transferring the company’s exchange business to Fisco Cryptocurrency Exchange.

The company says in a press release that a business transfer agreement was concluded in which Fisco Cryptocurrency Exchange will assume Zaif’s customers’ rights with Tech Bureau in regard to seeking a return of deposited cryptocurrency and the remaining cryptocurrency that was not lost.

Although Tech Bureau had reached a basic agreement on Sept 20 with Fisco, it was decided that a business transfer method was best to avoid risk and to protect customers.

The basic agreement from Sept 20 involved consideration to provide “financial support of ¥5bil, 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”.

Fisco Cryptocurrency Exchange is a unit of Fisco, a company listed on the Tokyo Stock Exchange providing investment management services.

Tech Bureau says a shareholders’ meeting will be held on Nov 19 as part of the “legally stipulated procedures” with the business transfer scheduled for Nov 22.

Tech Bureau reported that some US$62mil in bitcoin, bitcoin cash and monacoin was lost in a hack on Sept 14, which was reported only on Sept 20.

From Oct 10, transactions relating to buying and selling of bitcoin and bitcoin cash will continue as normal whereas deposit and withdrawal services will resume on a later date to be announced after Fisco Cryptocurrency Exchange takes over operations.

Monacoin transactions at Zaif will cease from Oct 10 at 5pm onwards and an announcement will be made at a later date on the resumption of transactions.

Monacoin investors will be compensated in yen to the equivalent of the crypto that they held. The ratio will be ¥144.548 or US$1.28 per monacoin.

Image courtesy of Fisco Cryptocurrency Exchange website.

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