financial services provider Monex Group announced that it will acquire 100 percent of shares of Coincheck Inc., April 6.
The execution of share acquisition is planned for April 16 at a price of 3.6 bln yen ($33.5 mln). The acquisition price is calculated from the net asset estimate of Coincheck at the end of the fiscal year ending March 2018.
Directors and corporate auditors will be appointed at an extraordinary general shareholders meeting of Coincheck. Coincheck founders Koichiro Wada and Yusuke Otsuka will step down from their respective posts as CEO and Director of Coincheck, and will stay on as operating officers.
The Representative Director of Coincheck will be Toshihiko Katsuya, who is the Managing Director of Monex Group. Founder and CEO of Monex, Oki Matsumoto, will assume a post as Director on the executive board.
Monex Croup plans to make Coincheck a wholly owned subsidiary from the consolidated financial results for the first quarter of the the fiscal year ending March 31, 2019.
In a Coincheck confirmed the acquisition. According to the exchange, at Coincheck resulting in $534 mln worth of stolen led them to “change our shareholder composition and other management system”. Coincheck says it has “discussed the possibility of receiving full support from the company.”
by Cointelegraph, Coincheck began to refund users affected by the hack in mid-March.
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South Korean exchange Youbit announced on today that it is closing down after a hack early Tuesday, December 19, 2017, that resulted in the loss of 17 percent of its assets.
The exchange, previously known as Yapizon, did not indicate how many bitcoins or other cryptocurrencies were stolen or what the total fiat value of the attack amounted to, but it was enough to lead to bankruptcy.
This was the second hack the exchange suffered this year. A 2017, resulted in the loss of 3,816 bitcoins, worth around $5 million at the time.
Youbit said hackers broke into its hot wallet, the online account used to pay out cryptocurrencies instantly. While hot wallets offer greater convenience, they also put funds at greater risk because they are connected to the internet.
The remaining coins were kept offline in a cold wallet, the exchange said, resulting in no additional losses. The exchange indicated that customers could withdraw up to 75 percent of their balances, and the rest would be tallied out after the final settlement.
Korea Internet & Security Agency (KISA), the state agency that responds to cyberattacks, is investigating the incident, . KISA that North Korean hackers were behind the first hack.
Chris Doman, threat engineer at software security company , told bitcoin Magazine, he suspects BlueNoroff, a subgroup of North Korea’s cyber crime group is responsible for the second Youbit attack. Lazarus is known for the November 2014 hack on , one of the biggest corporate breaches in history.
While attacks by Lazarus have mainly been aimed at social disruption, the group is increasingly going after money. With the value of bitcoin surging to all-time highs,
“The first time I saw them target a bitcoin company was in May this year — the same month they unleashed ,” Doman said in a statement shared with bitcoin Magazine.
The exchange that Doman was refering to is South Korean bitcoin exchange . Around that same time, WannaCry ransomware attacks were encrypting user’s computers and offering to de-encrypt them in exchange for bitcoin. Analysis of the techniques used in the WannaCry attacks .
Doman added, “They’ve also used related malware to opportunistically mine Monero coins on compromised servers. Clearly they have a large interest in cryptocurrencies as an easy method for economic gain, as well as an opportunity to economically weaken their enemies.”
Although Youbit is one of the smaller bitcoin exchanges, the hack underscores the risk involved in leaving funds on an exchange, where control of those funds is handed over to a third party and is only as safe as whatever security measures that exchange chooses to use.
Throughout the history of bitcoin, hacks have amounted to painful losses. When bitcoin exchange Mt. Gox began liquidation proceedings in April 2014, the company announced that approximately 850,000 bitcoins were missing, an amount valued at more than $450 million at the time. In August 2016, the bitcoin exchange Bitfinex announced BTC, worth $72 million at the time.
