Compensation for Zaif Hack Will Not Be Provided Without User Consent to Business Transfer

Tech Bureau, Inc., which operates the Zaif cryptocurrency exchange, will transfer the Zaif business to Fisco Cryptocurrency Exchange (FCCE), a FISCO Co. Ltd. equity method affiliate. Both parties announced conclusion of the business transfer agreement on October 10.

Tech Bureau earlier revealed that a portion of cryptocurrency, including customer assets, was leaked by the illicit transfer of cryptocurrencies in a hacking incident in September. With the conclusion of the business transfer agreement, it was decided that FCEE would carry out compensation measures for Zaif users, such as the return of lost cryptocurrency.

However, in order to receive compensation from FCCE, individual Zaif users must give their consent to the transfer of the Zaif business to FCCE. According to a FISCO press release on the matter, “individual agreements between Tech Bureau and its customers will be assumed by Fisco Cryptocurrency Exchange under the business transfer based on the Official Agreement, however, individual approval by customers is required for this succession to become effective.” Thus it is necessary to note that without this approval, there will be no rights and obligations between Zaif users and FCCE, and compensation will not be provided as per the agreement.

As for the method for confirming user consent for the transfer of business, Tech Bureau is expected to acquire user responses through electromagnetic means.

*This article is written by Fisco