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Crypto Exchange Zaif to resume Operations


Zaif, a Japanese cryptocurrency exchange recently announced that transfer of business from Tech Bureau to Fisco Digital Asset Group (FDAG) will become effective on April 22. Further, the exchange will resume operations the next day. 

Bitcoin (BTC), Bitcoin Cash (BCH), and Monacoin (MONA) were stolen from the exchange in a hack in September last year. This resulted  in total losses of cryptocurrencies worth 6.7 billion yen. FDAG provided financial support of 5 billion yen (over $44.6 million) to Tech Bureau and acquired a majority of the company’s shares. 

Furthermore, the sale of the exchange is part of the plan to compensate the users who lost Monacoin in the hack after the sale of the business. Per reports, users will be repaid 40% in fiat currency and 60% in crypto. The rate of compensation will be 144.548 yen per MONA will become available for withdrawal on April 23.

In mid-March, an 18-year-old hacker was revealed to  Japanese prosecutors for stealing cryptocurrency after allegedly breaching Monappy, a digital wallet which can be installed on a smartphone, and stealing 15 million yen (over $134,000) of cryptocurrency.

In another news reported by CoinMarketFeed, KT Corporation, South Korea’s Largest Telecom firm recently launched its blockchain -powered fifth-generation (5G) network brand. KT has developed GiGA Stealth technology that prevents hacking attacks as a part of the new brand. 

Lee Dong-myeon, president of the future platform business group at KT, said “The company decided to improve its assurance cybersecurity measures using blockchain amid the risks of the increasing hacking vulnerability of IoT devices associated with the 5G era.”

The technology further prevents hacking by successfully hiding the IP addresses of the connected devices. Per the report, blockchain-enabled technology makes the addresses invisible to hackers. 

As a part of the announcement, KT also introduced GiGA Chain Blockchain-as-a-Service (BaaS) which will enable organizations to use blockchain-based applications and deploy key features of blockchain. These also  include smart contracts, that allow companies to operate transactions without involvement by a middleman.

KT  further added that its blockchain tech can be used for the digitization of vouchers that local governments have issued to their residents. Per the report,  the South Korean city of Gimpo has already been using the firm’s blockchain-based payment system since April. The project first came to light in mid-February 2019, with Gimpo city planning to issue over $9.7 million worth of KT’s cryptocurrency.