The Japanese crypto exchange that was the victim of a $530 million heist is being taken over

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April 6, 2018 2:44 PM

Japanese online brokerage Monex will acquire the embattled cryptocurrency exchange.

Japanese crypto exchange Coincheck was the victim of a
Now the firm has accepted a takeover offer from online brokerage Monex Group.

Coincheck, the Japanese cryptocurrency exchange that was hacked to the tune of $530 million in January, is being acquired by online brokerage Monex Group, Nikkei Asian Review reports.

There is no word on how much the Japanese brokerage will pay for the embattled exchange, as "the exact form of the investment is still being finalized," according to Nikkei.

Founding president Koichiro Wada and COO Yusuke Otsuka will step aside as part of a broad management reshuffling to appease regulators. Monex's COO Toshiko Katsuya will take over as president.

The Coincheck heist was the largest hack yet of a cryptocurrency exchange, according to a recent study by JPMorgan. The bank estimates one-third of all bitcoin trading platforms have been compromised, with hackers stealing over $630 million worth of bitcoins.

Coincheck is currently applying for a license from Japan's Financial Services Agency, which is now a requirement for all cryptocurrency exchanges in the country after a law was passed last spring.

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