Published: Fri, July 12, 2019
Economy | By

Japanese exchange Bitpoint hacked - $32 million in cryptocurrencies stolen

Japanese exchange Bitpoint hacked - $32 million in cryptocurrencies stolen

Bitpoint, a licensed cryptocurrency exchange based in Japan, has been hacked for $32 million in crypto assets.

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.

Bitpoint reported the attackers stole funds in five cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereal.

The exchange's operator, Remixpoint Inc., which provides a range of financial services, announced the theft on July 12.

Similarly, in 2014, Japan-based MtGox cryptocurrency exchange was forced to shut down its operations after 850,000 BTC worth 500 million Dollars at the time went missing from its virtual wallets. Experts looking into the matter have come out to say the crypto exchange suffered the attack at around 10:39 pm on Thursday.

Back then, the Japanese platform lost around $500 mln in cryptocurrency and brought up new major regulations regarding the country's exchanges.

In an announcement to the public, Bitpoint's mother company Remixpoint Inc. issued a statement saying the 23 million Dollars of the illegal withdrawals belonged to its customers. Remixpoint has clarified that it will be compensating those customers who have lost their funds.

The incident follows the theft of 6.7 billion yen from the Zaif exchange, operated by Tech Bureau Corp., in September 2018.

In the transaction process two-factor identification is used as a security measure, and if a transaction is linked to an email address or a cell phone number it means a hacker able to get hold of one's non-cryptocurrency-related personal information may be able to infiltrate the transactions.

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