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$32 Million Stolen From Japanese Exchange Bitpoint

By Mark Lemon – Cryptocurrency Dealer

Japanese cryptocurrency exchange had to cease its services on Friday after it lost over $32m (£25m) from a hack that occurred late July 11. The exchange will not be able to sell BTC or other assets for the foreseeable future.

Remixpoint, the company that runs the Japanese exchange, found over ¥3.5bn in various digital currencies had been stolen under its management.

The hack was first discovered after an error showed up in the firm’s outgoing funds transfer system late Thursday. It was reported that the digital currency had gone from a so-called hot wallet that is connected to the internet, but the currencies held in cold wallets that are offline were not affected. Many exchanges keep most of their assets in cold wallets to reduce the risk of hacks and continue with selling Bitcoin.

Bitpoint is responsible for numerous cryptocurrencies such as Bitcoin, Ripple and Ethereum. Remixpoint, at the time, said that it was looking into the matter and provided no further details.

It’s the latest of many cryptocurrency thefts that have seen several fluctuations in value and used criminaly in thefts frequently via hacks. Uncertainty in the markets can cause many to sell Bitcoin or their cryptocurrency.

Just last year, CoinCheck was hacked in which it lost over $500m-worth of digital currency. In 2017, Youbit, a South Korean exchange had to close down and file for bankruptcy after being hacked twice. In 2014, MtGox, an exchange based in Tokyo, had to close after 850,000 Bitcoin (which was worth a billion US dollars at that time) just vanished from its virtual vaults.

Since then, the Financial Conduct Authority has initiated a ban on financial instruments associated with cryptocurrencies like Bitcoin, warning the general public that such things could lead to considerable losses for retail consumers.

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