First Korean Crypto Fund to Close

Main reason of cryptocurrency fund closure is regulatory pressure
12 November 2018   675

Zeniex, a small South Korean exchange, which was also the operator of the country's first crypto-investment fund, closes amid government actions, Finance Magnates reports, citing local media.

The exchange opened in May 2018 and in the last 24 hours processed transactions for $ 410,000, according to information on its website.

We have come to the conclusion that continuing to operate such service will be difficult. We sincerely apologize that we were unable to meet the expectation of our Zeniex users and supporters.
 

Zeniex Team

As noted by Finance Magnates, the authorities did not take decisions regarding the platform for the exchange of cryptocurrency due to its modest scale, however, they were interested in its foundation called "Zxg Crypto Fund No. 1." The Financial Services Commission and the Financial Supervision Authority throughout October warned against the impermissibility of providing investment services of this kind without registration.

According to the information on the company's website, the fund intended to attract 1,000 ETH (about $ 211,000) in mid-September. Whether the required amount has been collected is not specified. At the same time, the company notes that the volume of attracted funds did not require it to register with the regulatory authorities of the country.

In the investment section of the company's website, two projects are listed: MultiVAC, “the next-generation public blockchain for large-scale and complex distributed computing,” and Blockcloud, which collected more than 1 million on the recent ICO.

Zeniex claims that he is forced to close his fund, because he "is experiencing and will experience difficulties in the light of the pressure of financial regulators." The company also promised to transfer all acquired tokens to investors.

Hacked Zaif Exchange to Resume Operations

It was hacked in September last year,  about $60 million in cryptocurrency was stolen from its platform
22 April 2019   88

Japanese cryptocurrency exchange Zaif announced that it will complete the transition from the Tech Bureau to the Fisco Digital Asset Group (FDAG) on April 22 and resume normal operation the next day, Cointelegraph reportes.

In September last year, the exchange underwent a hacker attack when about $ 60 million in cryptocurrency was stolen from its platform, including Bitcoins, Bitcoin Cash and Monacoin. As part of the compensation plan to users, FDAG exchange acquired a large stake in Zaif business and transferred to the Tech Bureau over $ 44.6 million.

According to an earlier announcement of the exchange, 40% of the lost funds will be compensated to users by Fiat, and the remaining 60% - to the cryptocurrency, which will be available for withdrawal on April 23.