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Japan’s Bitpoint Gets Hacked For $32 Million

Japanese cryptocurrency exchange Bitpoint has been hacked, resulting in the loss of $32 million worth of various digital currencies. The majority of funds lost (approximately $23 million) belonged to customers, while the rest was owned by the exchange.

According to a CoinDesk Japan report on Friday, Bitpoint halted all services including trading, deposit, and withdrawal of all crypto assets on Friday morning after it noticed irregular withdrawal from its hot wallet on Thursday.

It is not yet clear at this stage which types of assets were lost, the exchange offered to trade for five cryptocurrencies: bitcoin, bitcoin cash, ether, litecoin, and XRP. The exchange’s parent company Remixpoint Inc. said in an announcement that $23 million of the illegal outflow belonged to its customers.

The news marks the latest breach of a Japanese exchange. In September 2018, Zaif, also a licensed exchange under the Japanese Financial Services Agency, was hacked for $60 million worth of cryptocurrencies. Earlier last year, Coincheck was also breached, resulting in more than $520 million worth of cryptocurrencies being stolen.

Bitpoint has ceased operations and says the funds were stolen from a hot wallet that contained five cryptocurrencies including Bitcoin, Ripple, and Bitcoin Cash. As of yet, the company says it is not aware of any funds taken from cold wallets.

Japan‘s Financial Services Agency ordered Bitpoint, and several other operators, to improve internal controls after Coincheck lost a staggering $516 million after it was attacked (possibly by Russian hackers) in January last year.

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About Umme Haani

Vinayak Buckshee is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.

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