Posted on April 6, 2018 by staff

Hacked crypto exchange Coincheck to be acquired


Japanese cryptocurrency exchange has accepted a takeover offer worth almost £24m from online brokerage firm Monex Group.

Monex has decided to acquire Tokyo-based Coincheck for 3.6bn yen (£23.9m). The deal is expected to be executed on April 16.

Coincheck’s CEO and COO will resign from the board of directors and become the company’s executive directors.

The deal comes after Coincheck suffered a major hack earlier this year, in which $530m worth of cryptocurrency was stolen in late January.

The exchange has since faced investigations from Japan’s Financial Services Agency over security failures and has pledged to reimburse users at a rate of $0.81 per token – which would result in a total pay-out near $420m.

In an official statement announcing the deal, Monex said it recognises blockchain technology and cryptocurrencies as “next-generation technologies and platforms which are likely to drastically change the way people approach money”.

“Through integrating Coincheck’s knowledge on blockchain technology and cryptocurrency with our knowledge on financial industry, we will accelerate the “MONEX’s new beginning” and contribute to the sound development of the cryptocurrency industry,” the company wrote.

“The company and Coincheck aim to develop a common vision to design the way of finance of the future and provide new values.”