Monex May Rescue Coincheck by Taking Over the Exchange


Monex, a Japanese financial services company, is considering purchasing cryptocurrency exchange Coincheck for “several billion yen,” according to CoinTelegraph. The report claims that Monex plans to install a new management team and rebuild the exchange under its own supervision.

Coincheck faced one of the largest breaches in cryptocurrency history in January 2018, with hackers stealing $530 million worth of NEM from the company. After the hack, the Japanese Financial Services Agency (FSA) ordered the company to submit a full report on the incident and how they would improve security for clients in the future. It’s suspected that the security precautions necessary for the company to move forward may have caused them to search for outside support since the hack.

The news of the potential offer has already caused Monex shares to surge 23 percent. The companies are now waiting for approval from the FSA and shareholders, and the official announcement of the deal may be made this week.

More: Trading Platform Monex Offers To Buy Coincheck Crypto Exchange
Related: Story of Coincheck: How to Rebound After the ‘Biggest Theft in the History of the World’
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