- Bitpoint exchange has lost $32 million to bad actors in the latest hack
- The exchange says the funds were stored in its hot wallet
- Stolen funds belonged to both the firm and its clients
Bitpoint, a Japanese bitcoin trading venue and exchange owned by Remixpoint Inc., has suffered a loss of 3.5 billion yen ($32 million) in a hack that involved bitcoin (BTC), bitcoin cash (BCH) and Ripple’s XRP, according to a Bloomberg report on July 12, 2019.
Bitpoint – one more Japanese exchange hacked
Per sources close to the matter, Tokyo-based cryptocurrency exchange, Bitpoint has become the latest bitcoin trading venue to suffer a security breach.
Bitpoint, which is owned by Remixpoint, a Japanese firm that develops and sells energy management solutions and energy-saving support consulting services, has reportedly suspended all trading services following the incident.
Specifically, the exchange has revealed that out of the 3.5 billion yen ($32 million) stolen from its hot wallet, 2.5 billion yen belonged to its client while the rest belonged to it.
Bitpoint says its hot wallet which the funds were stolen from contained five different digital assets including bitcoin, bitcoin cash and XRP. The exchange is yet to ascertain whether the cryptoassets in its cold wallet were also stolen.
Asian exchanges hacked much more often than Western exchanges
The issue of hacks and thefts is becoming quite synonymous with the cryptocurrency ecosystem as a whole, and it has been reported that crypto thieves have succeeded in stealing over $1 billion worth of digital assets from exchanges globally.
However, exchanges in the Asian region have consistently suffered the most at the hands of these bad actors.
In January 2018, Japan’s leading cryptocurrency exchange, Coincheck suffered a massive security breach that gifted the hackers half a billion dollar worth of cryptocurrency, an unfortunate incident that has gone into the history books as one of the worst hacks of all time.
Though the nation’s financial watchdog, the Financial Services Agency (FSA) had been making efforts to sanitize the region’s cryptospace before the Coincheck hack, the incident, however, prompted the agency to increase regulatory oversight.
In related news, Blockchain Reporter informed earlier in February 2019 that more than 7,000 cases of crypto-linked money laundering activities were reported in Japan last year.