Hacked Bitpoint Exchange Finds $2.3 Million In Stolen Crypto

The Japanese cryptocurrency exchange Bitpoint, which was all over the latest cryptocurrency news last week, has managed to discover part of the stolen funds. The hacked Bitpoint exchange discovered more than 250 million yen ($2.3 million USD) in cryptocurrency which is only  a small part of the $32 million that they lost due to hacker attacks.

The local English language daily The Mainichi first reported about this on July 14. According to the publication, Bitpoint found the stolen cryptocurrency on overseas exchanges which were using a trading system provided by Bitpoint Japan. The hacked Bitpoint exchange told the source that the recent discovery brings the total sum of lost founds down from 3.5 billion yen ($32 million) to 3.02 billion yen ($28 million) as the latest altcoin news show.

For those of you who did not follow the news, the hacked Bitpoint exchange was initially compromised on July 12.
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More than 2.5 billion yen ($23 million) of the stolen funds in the hack belonged to customers, while 1 billion yen ($9.2 million) belonged to the exchange. As many best cryptocurrency news sites showed, the hackers stole Bitcoin (BTC), Litecoin (LTC), Ether (ETH) and Ripple (XRP) from the hot wallets of the exchange.

The hacked Bitpoint exchange then suspended all of the services following the hack, while the parent firm of the exchange, Remixpoint Inc., managed to shed 19% following the theft. Remixpoint went untraded in Tokyo after the attack due to a reported glut of sell orders.

The recent incident that involved Bitpoint follows a record-breaking hack of the Japanese exchange Coincheck. The truth is, the hacked Bitpoint exchange is not even close to the sum that Coincheck lost – when more than $534 million worth of NEM tokens were directly stolen from the exchange’s low-security hot wallet.

What hurts people the most is the fact that Bitpoint was one of the several exchanges that received a business improvement order from Japan’s finance watchdog – the Financial Services Agency (FSA) – in June of last year. One of the FSA’s main concerns was the exchanges’ compliance with Anti-Money Laundering as well as Know Your Customer requirements.

The agency also expressed their concerns about customer funds not being kept sufficiently separate from those of the exchanges.