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

Reuters  |  TOKYO 

(Reuters) - Japanese Inc recorded an estimated writedown of 47.3 billion yen ($432.56 million) for the year ended March, its parent Group Inc said on Thursday.

The extraordinary loss dragged Coincheck's estimated pretax profit to 6.3 billion yen on sales of 62.6 billion yen, 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 earlier this year, and offer a rare look at the finances of a

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 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.

($1 = 109.3500 yen)

(Reporting by Thomas WilsonEditing by Christopher Cushing)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 26 2018. 09:56 IST
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