The hacked Coincheck exchange can be bought by the Monex broker for "billions of yen"

The hacked Coincheck exchange can be bought by the Monex broker for “billions of yen”


Japanese online broker Monex is considering buying a hacked Exchange Coincheck. This is written by Nikkei Asian Review with reference to an unnamed source.

According to the source, Monex offered several billion yen for a controlling stake in Coincheck. The broker intends to replace the management team and reorganize the trading platform under its own supervision.

The deal can be announced as early as this week, the source said.

This news had a positive impact on the share price of Monex itself, traded on the Tokyo Stock Exchange. Their value reached a maximum at around 424 yen after the opening of about 337 yen.

A possible transition to the new owner suggests that Coincheck could not independently cope with the regulator’s demands, put forward after the January crack, when approximately 500 million NEM tokens were stolen from the site.

Both companies expect the approval of the transaction by the regulator and shareholders. According to the source, as soon as Coincheck passes under the management of Monex, the founder of the exchange Koichiro Wada and the operational director Yusuke Otsuka will resign.

Coincheck’s move to Monex may allow the broker to translate its long-standing desire and enter the cryptocurrency market. The January hacking attack led to a tightening of control over this industry in Japan, which was a direct threat to the plans of Monex. The acquisition of a functioning exchange can help to rectify the situation, and the very trading floor – finally get a license of the Japanese regulator. Earlier, the Financial Services Agency of Japan expressed doubts about the fact that Coincheck will be able to conduct further activities without external support.

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