3.5 bil. yen of cryptocurrency stolen from Bitpoint Japan

Bitpoint Crypto Cryptocurrency

Cryptocurrency exchange operator Bitpoint Japan Co. said Friday roughly 3.5 billion yen ($32 million) worth of digital currencies has been stolen from its online system, leading the company to suspend all transactions and services. There are no reports on the further movement of the stolen funds.

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

But that didn't stop the Bitpoint parent's stock to plunge as much as 18% on the Tokyo Stock Exchange at one point.

How can Crypto Exchanges Protect Customer Assets Against Hacks?

In a more detailed document released by RemixPoint, the legal entity behind Bitpoint, the company said that hackers stole funds from both of its "hot" and "cold" wallets.


Once the hack was detected, Bitpoint put web transactions on hold early this morning before stopping all services at 10:30 am.

Interestingly, the Japanese Financial Services Agency (FSA) sent Bitpoint an operational improvement order a year ago. Twenty-seven minutes after detecting the errors, Bitpoint admins realized they had been hacked, and three hours later, they discovered thefts from other cryptocurrency assets.

Just last month two exchanges were hacked. So it didn't take long for bad actors to get into the scene and cripple Bitpoint once again. 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. Of this, cryptocurrency thefts and scams alone accounted for $356 million.

Meanwhile, the report was quick to acknowledge that although Bitpoint holds an operating license in Japan, the exchange was one of the many cautioned previous year by the Financial Services Agency (FSA) to improve their internal controls.

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