Japan’s Monex to purchase hacked Cryptocurrency exchange Coincheck

Suzette Paulsen

April 3, 2018 2:03 pm

Japan's Monex to purchase hacked Cryptocurrency exchange Coincheck | Coindelite News
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Hacked Cryptocurrency exchange Coincheck to be taken over by Japan’s Monex

Japanese online broker Monex Group Inc has announced that it is planning to purchase Coincheck Inc, which is a local cryptocurrency exchange which was a victim of $530 million hacks at the beginning of this year.

The company has not provided any further information, but the reports claimed that the deal might be done worth several billion yen.

Coincheck representatives said that Nikkei report was not something the company had announced.

The deal will be allowing Monex to access Coincheck’s customer base, which had a huge number of users as the cryptocurrency sector constantly grew last year. Though, the broker would join other securities brokerages like GMO Internet Inc and Money Partners Group.

Monex shares increased 23 percent by the daily limit to 424 yen in Tokyo.

According to the reports, Coincheck’s Chief Executive Koichiro Wada and another executive will be replaced. Coincheck and Monex have already outlined the plan for regulators and major investors.

Coincheck was struggled by one of the biggest cryptocurrency hacks ever, and Financial Services Agency asked the firm to improve risk management and stop the further criminal use of cryptocurrency.

The Coincheck attack stressed the risks faced by policymakers in regulating cryptocurrency trading and had knocked Japan. Following the attack, Japan became the first country for regulating the cryptocurrency industry by asking all exchanges for registering with the authorities.