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CEO of Monex group discusses his ambitions for the future of finance

Ketaki Dixit

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CEO of Monex group discusses his ambitions for the future of finance
Source: Pixabay

In January, Coincheck had a massive theft when they lost $542 million worth of cryptocurrency to hackers. Coincheck had been criticized for not having a proper security system, which could have prevented the theft. Their reputation further declined when their investors demanded compensation and spent almost $430 million in reimbursement to investors.

Coincheck was taken over by the Monex Group, a Tokyo based online brokerage, who offered to work together and bring changes in the executive and management team.

When asked in an interview about why he chose to take over Coincheck when the future of cryptocurrencies is uncertain, Oki Matsumoto, the Chief Executive Officer of Monex Group told Nikkei:

“Acquiring Coincheck is meaningful for the Monex Group in that it brings us closer to the possibilities that blockchain technology and virtual currencies hold.”

He further added:

“Cryptocurrency exchanges hold much of the technology, knowledge and expertise in the field.”

In addition to ensuring good security to avoid an incident like the one in January this year, one of the clause in the acquisition agreement says that Coincheck would be paid an additional sum based on their performance, which is exclusive of the purchase price of $33.4 million.

He had planned to make virtual currencies and blockchain core components of the business. He said, “At first, I intended to set up those operations myself. But then the [Coincheck] acquisition came along in March — what luck!”

Matsumoto says that his engineers have technical knowledge, but don’t know how to apply it to the society or create rules.

He explains:

“Someone needs to act as an interpreter between regulators and technical experts for the technology to advance. I want to play that role for virtual currencies”

According to Matsumoto, virtual currencies are ‘too big to look past’ as they are worth 5% of the Gold markets’ value and cannot be ignored as assets. Acquiring Coincheck is a part of his mission to redefine finance.





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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

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GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla

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GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.





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