Published: Fri, July 12, 2019
Finance | By Loren Pratt

Hackers Thieve $32 Million in Cryptocurrency from Japanese Exchange Bitpoint

Hackers Thieve $32 Million in Cryptocurrency from Japanese Exchange Bitpoint

It was also revealed that Bitpoint has halted all services including trading, deposit, and withdrawal of all crypto assets after noticing irregular withdrawal from its hot wallet. It is assumed that the wallets with Bitcoin Cash, Litecoin, XRP, Ethereum and Bitcoins were hacked.

Remixpoint shares listed on the Tokyo Stock Exchange, dropped as much as 19%.

The bad news was announced by the exchange's parent company Remixpoint which mentioned that the case reminds of the Coincheck hack that took place over a year ago.

It is the Japanese crypto exchange Bitpoint that claims to have lost about $32 million, of which $23 million belonged to the exchange's customers.

BITpoint Japan a Tokyo-based exchange, established in March 2016.

In an assuring statement, the company said, "To prevent any harm to customer assets, we will handle this responsibly, for example in terms of compensation from Bitpoint". In an online post, the exchange said at the time that it had submitted its business improvement plan and will continue to "enhance and strengthen its management structure and internal control, maintain and improve its legal compliance system, and provide high-quality services including improved convenience for customers". Even after the involvement of the agency, critics remain skeptical towards the security of crypto exchanges.

The vulnerability was detected in the hot wallet. According to research, the total amount of crypto assets that have been siphoned from crypto exchanges since inception stands at about 1.4 billion United States dollars. The exchange's website cites the capital of JPY 4,430 billion (USD 41 million).

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