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Japan’s Exchange Bitpoint Hacked $32 Million Stolen

Bitpoint, a Japanese cryptoasset exchange, has suspended all services after around ¥3.5 billion ($32 million) in XRP, bitcoin and other cryptocurrencies was stolen by hackers.

The exchange revealed the theft in an official announcement through its parent company Remixpoint, saying it had lost ¥2.5 billion worth of cryptocurrencies belonging to its customers and a further ¥1 billion belonging to the company.

Hackers targeted cryptocurrencies stored in hot wallets on the exchange and alongside XRP and bitcoin, five other cryptocurrencies were taken, including bitcoin cash, ether and litecoin. Bitpoint’s official announcement said the exchange’s cold wallets were not affected.

Business Improvement Orders

Bitpoint was one of five virtual currency exchanges to receive business improvement orders from market regulator the Financial Services Agency in June 2018 following the $530 million hack of NEM tokens from Coincheck in January of 2018.

Along with BitFlyer, QUOINE, BitBank and BTCBox, Bitpoint was ordered to improve measures against money laundering and enhance auditing and user-protection systems.

Bitpoint responded, saying:

We sincerely apologize for any inconvenience caused to you and other concerned customers, [and will] promptly enhance and strengthen the management control system.

Other Hacks

Coincheck’s $530 million loss remains the industry’s record-breaking crypto-exchange hack, but the $40 million theft in bitcoins from world-leading exchange Binance in May served as a dramatic reminder that even those exchanges with hitherto lofty standards of security remain vulnerable.

Just last month two exchanges were hacked. Singapore-based Bitrue lost XRP and ADA tokens worth $5 million at the time of the theft, while Slovenia-based British exchange GateHub lost nearly $10 million worth of XRP.

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

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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