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Bitpoint Taiwanese Subsidiary Files Lawsuit Against Parent Company for Overbilling

Crypto exchange platform Bitpoint Japan’s Taiwanese subsidiary is reportedly suing the company for $9.4 million in damages. Bitpoint Taiwan claims it was overbilled by its parent company. 

The Mainichi

According to a report published in The Mainichi, an English-language newspaper in Japan, Bitpoint Taiwan discovered that funds it acquired from local customers were short by $4.7 million, or 500 million yen. The discrepancy was said to be caused by overbilling by parent exchange firm, Bitpoint Japan. 

Bitpoint Taiwan was said to have unearthed the fund shortage while conducting a check on past billings made by Bitpoint Japan. The billing review was done after the company was hacked back in July. 

New reports revealed that Bitpoint Japan lost $28 million (3.02 billion yen) in the hack and an additional $2.3 million (250 million yen) at overseas exchange platforms that use its trading program, like its Taiwanese branch.

The Taiwan-based subsidiary apparently transfers the funds it collected from its local clients to its parent company based on billings sent. 

Inaccurate Numbers

The Taiwanese company stated it in a lawsuit that Bitpoint Japan clearly billed them based on inaccurate numbers. 

Bitpoint Taiwan’s lawyer, Hirotaro Kato, said that it aims to safeguard the interest of its clientele by filing the lawsuit. The exchange also expressed its worries that the case could become an international concern. Because of this, the subsidiary has decided to file the suit with Tokyo’s District Court and claim total loss damage. It will also include the losses incurred due to the hack.

Bitpoint Japan has claimed that it has not heard of any lawsuits filed but said that representatives from both sides were already discussing the issue.

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