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Cybercrime – Crypto exchange hacker stole $32 million in Bitpoint attack

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Bloomberg and other media outlets reported that the Japanese cryptocurrency exchange Bitpoint has been hacked. The exchange suspended all services after losing about 3.5 billion yen ($32 million) in the hack that involved Ripple and other cryptocurrencies.

Bitpoint is owned by Remixpoint Inc., a public-listed widely diversified Japanese company (www.remixpoint.co.jp) whose shares plunged 19% to their daily lower limit, and were “untraded in Tokyo as of 1:44 p.m. on a glut of sell orders” Bloomberg reported. Some 2.5 billion yes of the stolen funds belonged to customers, while Bitpoint owned the rest. Customers received an email alerting them that Bitpoint would cease services as it investigates the matter.

The funds were stolen from a hot wallet holding five cryptocurrencies including Bitcoin and Bitcoin Cash. Allegedly, no funds went missing the Bitpoint’s cold wallets.

Ironically, the exchange was among cryptocurrency operators ordered by Japan’s Financial Services Agency to improve internal controls following the 2018 hack of Coincheck.

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