Monex Purchased Coincheck For $33.6M

Monex shares rose after the announcement of the deal by 20%
06 April 2018   558

Japanese online broker Monex Group announced that it buys the local currency exchange Coincheck. This is reported by the Reuters.

The transaction amount is 3.6 billion yen ($ 33.6 million). As a result of the transaction, Monex will have access to the trading platform and the Coincheck customer base. Monex shares rose after the announcement of the deal by 20%, in general, from the time when the first information about the possibility of such acquisition appeared, online broker shares rose by 40%.

Monex Group Inc CEO Oki Matsumoto (L) and Coincheck CEO Koichiro Wada
Monex Group Inc CEO Oki Matsumoto (L) and Coincheck CEO Koichiro Wada 

Coincheck is a global pioneer of the cryptocurrency business, a global brand. Although we can manage risk, we can’t make Coincheck’s brand value or foundation.

Oki Matsumoto

CEO, Monex

At the beginning of this year, NEM coins equivalent to 58 billion yen ($ 527 million) were withdrawn from the accounts of the Japanese currency exchange Coincheck. The amounts went to 20 addresses, including, as Kyodo reports, in the US and New Zealand. The Japanese police assume that a computer virus was used for this theft. Theft touched accounts of 260,000 Coincheck customers.

After this incident, the Japanese financial regulator announced its intention to conduct an audit of all the country's crypto-exchange exchanges

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   70

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.