Hacked Coincheck Exchange to Accept Takeover Bid, Report Says

Hacked Japanese cryptocurrency exchange Coincheck is to accept a takeover offer from online brokerage Monex Group, a news report indicates.

AccessTimeIconApr 5, 2018 at 9:00 a.m. UTC
Updated Sep 13, 2021 at 7:47 a.m. UTC

Japanese cryptocurrency exchange Coincheck, which was the victim of a major heist in early 2018, is to accept a takeover offer from online brokerage Monex Group, a news report indicates.

Citing sources on Thursday, Nikkei Asian Review said that, once the deal is complete, Coincheck plans to change the management team in an attempt to rebuild investor confidence following the hack that saw $530 million in NEM tokens stolen in January.

While information is still sparse, Monex is expected to pay Coincheck several billion Japanese yen for its majority stake (1 billion JPY = $9.34 million). The deal is currently being finalized, Nikkei states, and an announcement may be made by Friday.

As part of the changes to the executive team, Monex's chief operating officer, Toshihiko Katsuya, will take over as new president, according to the report, with Coincheck's current president Koichiro Wada and COO Yusuke Otsuka to step down as soon as the deal is inked.

News of the possible takeover bid broke Tuesday, with Nikkei first reporting the rumor. Monex soon after confirmed it was considering the move.

Coincheck has faced investigations from Japan's financial watchdog over the security failures that led to the hack, as well as its financial health.

The takeover will provide welcome new capital to the exchange, which is currently attempting to refund investors most of what was taken in the hack, and also faces several lawsuits over the affair.

Japanese yen image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


CoinDesk - Unknown
First Mover Americas: Bitcoin at $20.1K as Crypto Lender Voyager Files for Bankruptcy

The latest moves in crypto markets in context for July 6, 2022.

CoinDesk - Unknown
CoinDesk - Unknown
DeFi Troubles in a Bear Market

Notional Finance CEO Teddy Woodward discusses the current crisis facing many DeFi lending and borrowing protocols.

CoinDesk - Unknown
CoinDesk - Unknown
Bitmark Raises $5.6M, Launches Interoperable NFT Wallet

The wallet, named “Autonomy,” is looking to bridge the gap between mainstream art collectors and the world of NFTs.

CoinDesk - Unknown
CoinDesk - Unknown
Solana-Based Chingari Tokens Plunge 87%, Developers Flag Big Sell Order

The team denies rumors of an exploit or insider trading.

CoinDesk - Unknown