Cryptocurrencies
Hacked Crypto Exchange Sold for $34 Million
- Japanese retail brokerage agrees to acquire Coincheck
- Monex’s Katsuya to run the exchange, replacing CEO Wada
A chart tracking the value of Bitcoin on cryptocurrency exchange Coincheck Inc.'s Bitcoin Wallet app.
Photographer: Akio Kon/BloombergThis article is for subscribers only.
Coincheck Inc., the cryptocurrency exchange that lost about $500 million of customer deposits to hackers in January, was acquired by Monex Group Inc. in a deal that sent shares of the Japanese retail brokerage soaring to a five-year high.
Monex will pay 3.6 billion yen ($34 million) for Coincheck and agree to split profits with current shareholders for the next three years, the company said in a statement on Friday. Coincheck’s management, including current head Koichiro Wada, will step down as part of the deal and be replaced by a Monex executive.