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Hackers steal $2.3M from Japan-based crypto exchange Bitpoint

Hackers steal $2.3M from Japan-based crypto exchange Bitpoint

As the local English daily reports, the Japan-based crypto exchange Bitpoint, which was recently hacked, has discovered that another 250 million yen ($2.3 million) in crypto is missing.

The article was updated on 15 November, 2019 by Amicus.

15 July, 2019, | AtoZ Markets Bitpoint is a Japan-based cryptocurrency exchange. It began in 2016, with 4,430 million yen (including capital reserve) capital. The exchange offers to trade for five cryptocurrencies: bitcoin, bitcoin cash, ether, litecoin, and XRP.

Recalling the history of Japan-based crypto exchange Bitpoint hack 

The major shareholder of Bitpoint is Remixpoint. It is a Japanese company. That develops and sells energy management solutions and energy-saving support consulting services.

According to the latest reports, Bitpoint lost around 3.2 billion yen (almost $30 million) in cryptocurrencies. That is due to the security breach on July 11.

Remixpoint reportedly suspended all trading services following the incident on July 12 morning. The same day Bitpoint published an official notice. And it apologies about the fraudulent outflow of virtual currency addressed to the customers. 

The announcement reads : 

According to Bitpoint, the hot wallet in which the funds were missing from contained five different cryptos, including bitcoin, bitcoin cash, and XRP. 

It remains unclear whether the crypto assets in crypto exchange Bitpoint cold wallet were also stolen. Remixpoint stated in its official announcement that $23 million of the illegal outflow belonged to its customers, while 1 billion ($9.2 million) belonged to the exchange.

Hackers steal another $2.3M from Bitpoint

As per Japanese English publication, the crypto company found the stolen digital assets on overseas exchanges. That was using a trading system provided by Bitpoint Japan.

The firm revealed to the local media that the recent discovery brings the total sum of lost founds down from 3.5 billion yen ($32 million) to 3.02 billion yen ($28 million).

As per media reports, Bitpoint was one of the exchanges to receive a business improvement order from Japanese financial authority, the Financial Services Agency (FSA), in June of last year. One of the main FSA concerns was the crypto company’s compliance with Anti-Money-Laundering and Know-Your-Customer policy

Other crypto exchanges hack

Bitpoint is not the first crypto exchange which has experienced a serious loses due to the bad actors’ activities. Zaif is another exchange under the Japanese Financial Services Agency. Last year, in September, someone hacked it for $60 million worth of cryptocurrencies.

It is also worth to mention, Coincheck 2018 year hack, which resulted in more than $520 million worth of NEM tokens stolen from Coincheck’s low-security hot wallet. Back then, Coincheck crypto theft was one of the biggest cybersecurity hacks in history.

After the hack attack, the platform during the press conference informed the public. It would compensate each stolen token at a rate of $0.81 per token.

The overall amount had accounted for almost $420 million. The crypto community suggested back then that Coincheck’s hack was the main reason behind the Japanese financial authorities to tighten regulation and verification measures toward the local crypto exchanges. 

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.