Hackers Thieve $32 Million in Cryptocurrency from Japanese Exchange Bitpoint

Lloyd Doyle
July 12, 2019

The investigation on the unnerving hack involving theft of significant amounts of Ripple (XRP), Bitcoin (BTC), Litecoin (LTC) and other prominent currencies, unveiled that the exchange lost almost twenty-three million dollars ($23 million) of user money and one billion dollars ($1 billion) of its own.

Bitpoint said in its statement that it had halted all services including trading and deposit and withdrawal of all crypto assets.

As of yet, the company says it is not aware of any funds taken from cold wallets.

The five different kinds of cryptocurrency handled by BITPoint Japan are: bitcoin, bitcoin cash, ethereum, litecoin and ripple.

Japan often appears in the news about the theft from crypto exchanges: in September 2018, Zaif, a licensed exchange under the Japan Financial Services Agency, was hacked, losing up to $60 million.

The currency exchange operator initially detected a ripple transaction error at around 10:12 p.m. Thursday and confirmed a theft about 30 minutes later.

Parent company Remixpoint said that $23 million of the stolen funds belonged to Bitpoint customers, while the remainder belonged to the exchange itself.

Bitpoint's hack adds to the numerous attacks cryptocurrency exchanges have witnessed this year. Even after the involvement of the agency, critics remain skeptical towards the security of crypto exchanges.

Today's Bitpoint system compromise records this year's 6 system breach by hackers. According to research, the total amount of crypto assets that have been siphoned from crypto exchanges since inception stands at about 1.4 billion Dollars.

Remixpoint said the lost money was in what is called the "hot wallet".

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