Hackers Steal $32 Million in Cryptocurrency

Daniel Fowler
July 12, 2019

The outflow is expected to total 3.5 billion yen (about $ 32 million), which is about 2.5 billion yen from customer deposits and about 1 billion yen owned by the company. There are no reports on the further movement of the stolen funds.

Japan often appears in the news about the theft from crypto exchanges: in September 2018, Zaif, a licensed exchange under the Japan Financial Services Agency, was hacked, losing up to $60 million. The exchange's website cites the capital of JPY 4,430 billion (USD 41 million). It added that it held some crypto holdings in the hot wallet to "execute virtual currency transaction smoothly".

"Today, we have stopped the remittance (sending) and receiving (depositing) services from 6:30, but we will stop all services including transactions and sending and receiving from around 10:30", BitPoint noted. The virtual currency stored in Bitpoint's hot wallet included bitcoin, bitcoin cash, ethereum, and litecoin as well. Later unlawful transfers with other cryptocurrencies were also detected.

Interestingly, the Japanese Financial Services Agency (FSA) sent Bitpoint an operational improvement order a year ago.

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The order was lifted at the end of June.

Soon after the hack was detected, the exchange has suspended all services in Japan. According to research, the total amount of crypto assets that have been siphoned from crypto exchanges since inception stands at about 1.4 billion United States dollars. Earlier a year ago, Coincheck also saw a breach of more than $520 million worth of cryptocurrencies being stolen.

The fact that Bitpoint was attacked just after the operational improvement order was lifted indicates that the cryptocurrency exchange didn't do much to improve its internal controls.

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