Japan’s FISCO Group Agrees to Acquire Majority Stake in Zaif’s Tech Bureau  -Update

Japan’s FISCO Group Agrees to Acquire Majority Stake in Zaif’s Tech Bureau  -Update

FISCO Group, a listed Japanese financial information provider, agrees to buy a majority stake in Japan-based cryptocurrency Exchange operator Tech Bureau, according to its announcement.

Tech Bureau’s cryptocurrency Exchange Zaif, registered by Japanese government, has been  hacked for about JPY 6.7bn, and lost cryptocurrencies such as Bitcoin and Bitcoin Cash had been saved in users’ hot wallet accounts, according to media reports, published on September 20.   

FISCO’s group company FDAG, which also has Japan’s government-backed FISCO Cryptocurrency Exchange, will provide financial supports with around JPY 5bn(USD 45m) primarily for the compensation to Zaif users.

The timeline for the deal with Tech Bureau has not yet been disclosed, and the compensation amount might be changed.

Meanwhile, CAICA, a listed Japanese system developer, will also provide the system support to Zaif, according to separate announcements. CAICA already has a strategic partnership with Tech Bureau.       

Zaif’s domestic peer Coincheck was hacked for about JPY 58bn in this January.   

http://www.fisco.co.jp/uploads/20180920_fisco_pr.pdf

https://www.caica.jp/wp-content/uploads/pdf/2018/20180920_1_oshirase.pdf

https://www.asahi.com/articles/ASL9N2RMWL9NULFA004.html