Previously Hacked Crypto Exchange Coincheck’s New Owner Monex Group Shakes Up Management

Monex Group, the Japanese broker company which acquired Coincheck, the crypto exchange that was hacked and almost had to shut down last year, has recently announced several changes in the infrastructure of the company.

The most important change was that now Oki Matsumoto, which is the CEO and president of the Monex Group, will also be the chairman of Coincheck, as well as the new representative director at Monex.

Another important change is that Koichi Tateno will resign from his role as the senior executive officer and chief investment officer and become a senior advisor at the company.

Cooperation between the two companies is also set to be enhanced and at least three Coincheck executive directors will also start to execute the same function at Monex as well. This, the upper management believes, could make both companies get more proximate and comfortable with each other’s structures.

It is also expected that these changes will be important in order to revitalize how the Monex Group works and to improve the company, as well as Coincheck, in a more intertwined future.

Now, we’ll have to wait and see how these changes will end up shaping up the future of the two companies. Last December, Monex announced that it had plans to start crypto trading in the United States, so it is probable that 2019 will be a big year for both companies.

The Hack of Coincheck

Coincheck was hacked and it lost $530 million USD worth of cryptos in January 2018. This was one of the largest hacks ever and the company was in a very precarious situation afterward, without any means to pay its investors and creditors. The acquisition by the Monex Group was the move that ended up saving the company since the Monext Group started to be responsible for paying its debts.

The hack also sparked wide debate about crypto security in Japan and the local regulators decided to be more severe when giving companies licenses after the event.

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