Earlier this year in January 2018, Japanese crypto exchange Coincheck was a victim of the biggest ever crypto hack worth $500 million. Although the crypto exchange lived to its promise of refunding all its victimized customers, it has still not managed to recover completely in terms of operational abilities.

In a new twist, the Japanese crypto exchange has now accepted the offer of ‘takeover’ by from an online brokerage firm Monex Group. The country’s local news publication Nikkei Asian Review on Thursday reported that the new deal is complete and Coincheck now wants to completely change its management team in an attempt to bring the investor’s trust and confidence back.

Although now complete information regarding the deal is available at the moment. Monex could likely pay Coincheck a sum of billions of yen to complete the acquisition. The deal is currently getting finalized and an official announcement can be expected soon.

The reports show that as part of the new executive team, Toshihiko Katsuya, CEO of Monex will be taking over as the new president with the current president and COO stepping down from their position as the deal concludes.

Buying this struggled cryptocurrency exchange will give the Monex Group a new entry in the crypto space. Monex also wishes to make the most of the blockchain technology that underpins cryptocurrencies. Monex’s acquisition of Coincheck will bring new competitiveness in Japan’s thriving crypto market.