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Hacked Crypto Exchange Finds its Stolen Tokens on Overseas Platforms

Cryptocurrency exchange platform Bitpoint has identified more than 250 million yen or $2.3 million in digital currency that was stolen from them last week. 

Reported By The Mainichi

The discovery was reported by Japanese daily The Mainichi. According to the English language newspaper, Bitpoint discovered the stolen tokens on overseas exchange platforms that were utilizing a trading system administered by Bitpoint Japan. 

The found currency brings the Japanese crypto exchange’s total amount of lost funds to 3.02 billion yen or $28 million. That’s a significant drop from the previous number of 3.5 billion yen or $32 million. 

2.5 Billion Yen Hacked From Bitpoint

Bitpoint was hacked on July 12, with the perpetrators stealing 2.5 billion yen that belonged to the exchange’s customers and one billion from the company itself. The hackers swiped Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and XRP from Bitpoint’s hot wallets. 

The Japanese company suspended all its services after the attack, while its parent company, Remixpoint Inc. dropped 19% after the virtual heist. Remixpoint also stopped trade in Tokyo following the hack because of an alleged excess of sell orders. 

Second Largest Hack

The Bitpoint hack is the second largest hack after the unprecedented January 2018 attack on Coincheck, another Japanese crypto exchange. At the time, $534 million worth of NEM tokens were filched from the company’s low-security wallet. 

The hacking of Bitpoint won’t do the company any favors. The exchange had previously received an order from Japan’s financial guard dog, the Financial Services Agency (FSA), to improve its business. The FSA was reportedly concerned about Bitpoint’s compliance with Know Your Customer and Anti-Money Laundering (AML) requirements.

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