Hacked Exchange, Bitpoint Discovers $2.3 M In Stolen Cryptocurrency

Bitpoint, a Japanese cryptocurrency exchange discovers over 250 million yen ($2.3 million) in cryptocurrency, a part of which i.e. a sum of $32 million was stolen last week, as reported by local English language daily The Mainichi on July 14.

As per the publishing, the stolen cryptocurrency was found on overseas exchanges that were using a trading system provided by Bitpoint Japan. As per Bitpoint, the recent recovery knocked up the total sum of lost founds from 3.5 billion yen ($32 million) to 3.02 billion yen ($28 million).

Initially, the exchange was hacked on July 12, losing 2.5 billion yen ($23 million) of stolen funds, belonging to its customers and 1 billion ($9.2 million) belonged to the exchange. Hackers managed to steal Bitcoin (BTC), Litecoin (LTC), Ether (ETH) and XRP from the exchange’s hot wallets.

Following the hack, Bitpoint suspended all services and the exchange’s parent firm Remixpoint Inc. shed 19%. Remixpoint remained untraded in Tokyo due to a reported glut of sell orders. Bitpoint’s attack follows a record-breaking hack of Japanese exchange Coincheck in January 2018, losing $534 million of NEM tokens form the exchanges low-security hot wallet.

Last year in June, several exchanges including Bitpoint, received a business improvement order from Japan’s finance watchdog, Financial Services Agency (FSA). The regulator’s main concerns was the exchanges’ compliance with Anti-Money Laundering and Know Your Customer requirements. Other concerns includes that customer funds were not being kept sufficiently separate from those of the exchanges.

Read more:Tether Mistakenly Mints 5 Billion USDT And Immediately Burned Them

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