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Reuters
Reuters
Business

Japan's Coincheck posts $433 million writedown in year to March

FILE PHOTO: Logos of Monex Group Inc and Coincheck are seen before their joint news conference in Tokyo, Japan April 6, 2018. REUTERS/Toru Hanai

TOKYO (Reuters) - Japanese cryptocurrency exchange Coincheck Inc recorded an estimated writedown of 47.3 billion yen ($432.56 million) for the year ended March, its parent Monex Group Inc <8698.T> said on Thursday.

The extraordinary loss dragged Coincheck's estimated pretax profit to 6.3 billion yen on sales of 62.6 billion yen, Monex said in a statement, without giving further details of the loss.

The results were the first glimpse of Coincheck's earnings after the exchange was hit by a massive theft of digital money earlier this year, and offer a rare look at the finances of a cryptocurrency exchange.

Coincheck last month repaid about 46 billion yen ($431.6 million) to investors who lost assets in the $530 million heist, one of the biggest of digital money globally.

Monex, Japan's third-largest online brokerage, last week completed the 3.6 billion yen ($33.6 million) acquisition of Coincheck, in the most significant move yet by a major financial company into Japan's crypto industry.

(Reporting by Thomas WilsonEditing by Christopher Cushing)

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