Following up on our scam crypto news, three weeks after the hack attack, the crypto exchange Zaif announced that the platform has put up a compensation strategy so all of the victims can now be relieved.
The owner of the Japanese crypto exchange Zaif, Tech Bureau, announced that their plan is to sell the entire stake to Fisco Digital Asset Group which is a company that also conducts digital asset trading. This means that the company that buys the entire stake will be responsible for compensating the hack attack victims.
“In the official contract between the Fiscal virtual currency exchange corporation and our company, the contract specifies the former as the successor. Therefore, the contractual relationship between us and the customer will be transferred from our company to the Fiscal Virtual Currency Exchange Co., Ltd,” according to the statement.
The initial plan was for Tech Bureau to sell the majority stake to the FDAG but that plan changed after the bitcoin exchange stopped all registration of new accounts on the platform.
Victims who lost their assets to the security breach will be compensated by Fisco’s holdings. However, those users who lost their monacoins assets will be repaid in the Yen.
The Tech Bureau explained:
“And the compensation amount is “144.548 yen per 1 MONA coin”. This amount was adopted as an intermediate value of the price at Bitfryer Corporation and Bit Bank Corporation at 9:00 am on October 9, 2018. Please note that the exchange rate on this exchange at the same time is 128 yen, and we will compensate more than this amount.”
Tech Bureau plants to shut down the exchange after transferring the business. We are expecting the public announcement on October 22.
CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business."Binance is still recording decent volume and maintaining a healthy business - showing an increase in its number of active users and BTC deposits. Zhao continued, stating:
“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”Meanwhile, the cryptocurrency market cap seems to be getting hold of the over-the-counter (OTC) market where large institutional traders are playing. According to some stats from earlier this year, this market is at least two times larger than the cryptocurrency exchange market. CZ also noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges. As such, it is now twice the size of the current volume, having around $23.4 billion (despite the $11.7 billion daily trading volume of crypto) in circulation.
“What I’ve heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But we’re not heading to that business, so we don’t know the real volumes,” Zhao concluded.
Major US Museum Starts Accepting Payments In Bitcoin
“There is a lot of excitement around the conference. Accepting bitcoin is just a small part of the momentum to grow a blockchain ecosystem in Cleveland.”The Museum of the Coastal Bend in Texas as well as the St. Petersburg Museum of History in Florida have both been accepting BTC for quite some time, which makes the Great Lakes Science Center officially the third museum in the US to start accepting crypto as a payment method. With this, it is easy to see that Bitcoin has become a major store of value. The $110 billion in circulation are acknowledged as a proper asset by many large scale institutions, some of which include ICE, Fidelity, Nasdaq and the New York Stock Exchange. This integration comes after Hublot, which is a Swiss luxury watchmaker, successfully integrated Bitcoin in order to sell 210 pieces of its limited edition Bitcoin-themed sports watch for $25,000 a piece, generating more than $5 million in revenue purely through these sales.
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