Published On: Thu, Apr 5th, 2018

Coincheck Confirms Takeover By Monex Group

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Monex Group’s recent announcement of an acquisition of Coincheck has been approved by both parties. What is the future of the cryptocurrency exchange?
A week ago, Monex Group, a Japanese-based financial services firm, announced that they were planning on acquiring the Japanese cryptocurrency exchange, Coincheck. This deal, which was all the talk over the past few days, was recently confirmed by both parties.

A Tough Start to 2018
Earlier this year, Coincheck suffered a hack which left them hanging from a thread. During the hack, the exchange lost approximately $530 million US dollars worth of the XEM cryptocurrency. Many investors immediately lost trust with the exchange and demanded that something be done as the loss of these funds was put under question. 
Coincheck suffered from a hack on their XEM “hot” wallet. This kind of wallet is a wallet in which the coins are constantly connected to the internet and is more subject to hacking by external parties.
Coincheck acknowledged their mistake and recently began to reimburse XEM holders affected by the hack out of their own pockets. Coincheck decided to compensate XEM holders at approximately $0.83 US dollars for each coin, which was almost double the market …

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