Thursday, 28 May, 2020

Hackers Steal $32 Million From Japan's Bitpoint Exchange

Japanese Cryptocurrency Exchange Hacked $32 Million Worth of Virtual Money Lost Hackers Steal $32 Million From Japan's Bitpoint Exchange
Ginger Lawrence | 12 July, 2019, 21:58

Of the losses, about two thirds affect customers while the rest of the missing assets belonged to the company, according to a company statement. Its major shareholder is the mentioned Remix Point Co., Ltd, a Japan-based company engaged, besides their crypto exchange, in software development, energy-related business, and automotive business.

Based on its initial investigations, Bitpoint said that the hack, which was detected on the night of July 11, affected its hot wallet, not the cold wallet.

Remixpoint said the firm was still analysing the loss and offered no further details.

"Today, we have stopped the remittance (sending) and receiving (depositing) services from 6:30, but we will stop all services including transactions and sending and receiving from around 10:30", BitPoint noted.

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Last month, Bitpoint had received a business improvement order from the Financial Services Agency (FSA). At around 2 a.m. the following day, it found assets other than ripple were also lost.

The order was lifted at the end of June. It is not clear at this point as to when Bitpoint will resume operations once again.

South Korean police take down cryptocurrency Ponzi scheme with the help of AI The perpetrators allegedly scammed $18.7 million from the elderly and retirees. Bad actors have stolen as much as $1.2 billion in the first quarter of 2019 through cryptocurrency scams, theft from exchanges, fraud, and misappropriation of funds.

Bitpoint Japan was among six cryptocurrency exchange operators ordered by the financial watchdog a year ago to improve internal controls, including management of customers' assets. The regulator wasn't satisfied with the company's internal control.