Hackers Steal $32 Million From Japanese Cryptocurrency Exchange Bitpoint

by Sunny Hoi

Japanese cryptocurrency exchange Bitpoint suspended all deposits and withdrawals after losing around 3.5 billion yen ($32 million) in cryptocurrency assets on Friday morning.

The exchange’s parent company Remixpoint Inc. said in an announcement that approximately $2.5 billion yen ($23 million) of stolen funds belonged to customers, while the rest were funds owned by Bitpoint.

Hackers stole the funds from the company’s hot and cold wallets. This implies that the exchange’s network was exhaustively compromised.

Bitpoint said the hackers stole funds in five cryptocurrencies which include Bitcoin, Bitcoin Cash, Ripple, Ethereal, and Litecoin.

The crypto exchange has not mentioned whether it can or intends to refund customers.

An investigation has started, and law enforcement has been notified of the hack.

Hackers targeting cryptocurrency exchanges isn’t new. The last few months have been notably difficult for crypto exchanges. In June, Singapore-based cryptocurrency exchange Bitrue was hacked, losing over $4.5 million in user assets. In May, hackers successfully stole $40 million worth of Bitcoin from Binance.

Bitpoint is not the only cryptocurrency exchange based in Japan to have been hacked in the last few years. In September 2018, the Zaif licensed exchange lost $60 million worth of cryptocurrencies due to hackers.

In January 2018, hackers successfully breached Coincheck, resulting in $530 million worth of cryptocurrencies being stolen.

Both exchanges were compelled by Japan’s financial regulators to reimburse customers.

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