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Major Japanese brokerage firm plans to rescue Coincheck from its recent cyber attack?

Laira Rebecca

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Major Japanese brokerage firm plans to rescue Coincheck from its recent cyber attack?
Source: Wikimedia Commons

The consequences of the major hack which took place in early 2018 still continue for the crypto exchange giant Coincheck. According to the recent reports, another lawsuit of around 82 million yen has been filed against Coincheck. The International Telecommunications, Japan is responsible for this lawsuit which consists of about 15 users who suffered due to the hack. 

Previously there were two famous lawsuits filed against Coincheck, which involved 10 crypto traders who took an action against them for freezing cryptocurrency withdrawals. And the next one involved over 100 plaintiffs who sued the firm for 228 million yen due to the damages caused. Both the lawsuits were filed by a lawyer named Hiromu Mochizuki.

Several other law firms such as Rashinban Defense Counsel and The Japanese Law Firm Aussens have also filed lawsuits against Coincheck for all the destructions occurred in the month of January.

As a result of which, the Financial Service Agency [FSA] of Japan has initiated on-site inspections of 15 unregistered cryptocurrency exchanges across Japan. Also, they have filed business improvement notices against seven firms and are temporary halting activities at two.

However, Coincheck has already started the refunds in Japanese yen to all its customers at a fixed rate of 88.5 yen per NEM coin since March 13th and has almost paid $435 million as compensation to its customers last month.

Monex group is one of the Japanese online brokers who has shown a tremendous growth in their shares in recent days. According to Nikkei, shares in Monex Group has climbed up remarkably by 23 percent in Tokyo. By analyzing the present situation of Coincheck, the firm decided to invest a few million yen to Coincheck.

Based on one of the recent reports by Financial Times, the Monex Group is considering to acquire Coincheck. But the decisions are still pending and the firm did not provide any further details regarding the same.

The CEO of Binance, CZ recently tweeted:

Great to see Monex stock price do this, just on the news of a “likely” acquisition of a crypto exchange.  Pretty clear what their shareholders want.

Shun, a Twitterati comments:

“We need more good news in a low for crypto currencies in order to enhance the price”


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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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