[2018-04-05] Hacked Japanese Exchange Coincheck Accepts Takeover Bid

[nickbelski]

Embattled cryptocurrency exchange Coincheck has reportedly decided to accept a takeover offer from Monex, Japan’s third-largest online brokerage.

Japanese business daily Nikkei is reporting that crypto exchange Coincheck will accept a takeover bid that includes capital in several billion yen, worth tens of millions of dollars, from major Japanese online brokerage Monex. The decision to accept the bid was reportedly made today, a move which will see Coincheck reshuffle its management as the exchange continues its recovery effort after suffering a $530 million theft in NEM tokens in January – the largest cryptocurrency exchange theft of all time.

Monex’s foray into the cryptocurrency industry comes amid its belief that blockchain, the underlying technology of cryptocurrencies like bitcoin, will power its core operations as major online brokerage/

Details of the exact figures and form of investment are still being finalized, the report adds, with details of the deal to be announced tomorrow, Friday.

Coincheck’s founding president Koichiro Wada and chief operating officer Yusuke Otsuka will step down immediately after the exchange receives new capital from Monex as a part of the takeover. Monex chief operating officer Toshihiko Katsuya is in position to take over as Coincheck’s new president. His experience as president of Monex’s online brokerage arm makes him ‘a sound choice to rebuild the troubled cryptocurrency exchange’ the report added.

Coincheck, which has already begun distributing reparations to customers impacted by the NEM theft, has seen struck with two business improvement orders from the Financial Services Agency (FSA), the country’s’ financial regulator. While the FSA has issued licenses to sixteen domestic exchange operators, Coincheck isn’t among them. However, the Tokyo-based exchange is still applying for a license with the FSA set to scrutinize its deal with Monex and review its operations under new management.

Source: https://www.ccn.com/breaking-hacked-japanese-exchange-coincheck-accepts-takeover-bid/

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[FrueGreads]

I actually think these are great news, and I just hope it wont affect in any way how coincheck will refund their customers after the hack.
If the users aren't affected, and no matter what happens either Monex or Coincheck still honor their responsibility, then this shows that the interest in crypto is still very much alive. First it was circle buying Poloniex, and now we are seeing Monex buying an exchange that actually has some problems to be settled, and even like that they are interested.

[Kemarit]

I actually think these are great news, and I just hope it wont affect in any way how coincheck will refund their customers after the hack.
If the users aren't affected, and no matter what happens either Monex or Coincheck still honor their responsibility, then this shows that the interest in crypto is still very much alive. First it was circle buying Poloniex, and now we are seeing Monex buying an exchange that actually has some problems to be settled, and even like that they are interested.

We all know that Japanese is very sensitive when something went wrong in their business dealings. They're willing to step down so that the reputation of the company will not be tainted. So yes, its a good move that they allow themselves to be taken over by Monex so that the name Coincheck can continue to do business with its customers. I'm pretty sure that FSA will make sure that everyone is getting paid before Monex's takeover. Japanese culture really has this thing about honor and responsibility, unlike other exchanges in the past who doesn't want to refund their customers and would rather shutdown their business.

[CryptoBry]

I actually think these are great news, and I just hope it wont affect in any way how coincheck will refund their customers after the hack. If the users aren't affected, and no matter what happens either Monex or Coincheck still honor their responsibility, then this shows that the interest in crypto is still very much alive. First it was circle buying Poloniex, and now we are seeing Monex buying an exchange that actually has some problems to be settled, and even like that they are interested.

Coincheck needed a savior and they found it on Monex so we are all hoping that soon the exchange would be back with a big vengeance after suffering some hemorrhage due to the biggest crypto theft ever. I am seeing some big alignment and realignment in the business of cryptocurrency exchange and quite possible there would be more in the coming months. Let's wish Coincheck the power and luck it all deserve.

[Factmine]

Guess it is not for everybody. Let a newbie operate something like this and you'll end up with hacks and other costly mistakes that would result to the project being sold.