The Japanese crypto exchange Bitpoint has recently discovered over 250 million yen – $2.3 million – worth of crypto. Specifically, this is part of a massive crypto theft carried out last week, according to local news outlet The Mainichi.
Bitpoint manages to retrieve over $2 million of stolen funds following exchange hack
What’s more, this recovery of the stolen funds is a fascinating story. According to the report from The Mainichi, Bitpoint uncovered these funds on overseas exchanges. Moreover, these oversea exchanges reportedly employ a trading system provided by Bitpoint Japan.
As such, it was easier for Bitpoint to recover the stolen funds. Furthermore, Bitpoint has reportedly told The Mainichi that this recent discovery brings the sum of stolen funds down from around $32 million to $28 million.
While this is naturally still substantial, it showcases that crypto hacks are not always entirely irreversible. Bitpoint was originally hacked on July 12th, during which $23 million worth of customers’ funds were stolen. What’s more, around $9.2 million worth of the exchange’s own funds were also stolen.
Specifically, this hacker attack saw the attackers make away with a mix of Bitcoin, Litecoin, Ripple and Ethereum. Moreover, the targeted wallets were reportedly Bitpoint’s hot crypto wallets.
This comes after investors were adversely affected by the news of Bitpoint’s hacking attack
Following this hack, Bitpoint decided to suspend all exchange services. Additionally, Bitpoint’s parent company – Remixpoint Inc. – reportedly saw its stock fall by around 19% following the hack. Furthermore, Remixpoint then went ungraded in Tokyo, due to a reported glut of sell orders brought about by the hacking attack.
As such, the news that Bitpoint has been able to retrieve some of the stolen funds is naturally positive. What’s more, the Bitpoint hack is not the first high-profile Japanese crypto exchange to face a massive hack attack.
Back in January of 2918, the Japanese crypto exchange Coincheck also faced a significant hacking attack. In that particular hack, attackers reportedly made away with around $534 million of NEM tokens. In this case, the funds were stolen from Coincheck’s low-security wallet. The Japanese crypto exchange Zaif also faced a hack, of $59 million last year.
Nevertheless, Bitpoint’s hack is notable, seeing as Bitpoint was one of the crypto exchanges ordered to improve their business last year by Japan’s Financial Services Agency. At the time, the FSA was reportedly worried over Bitpoint’s compliance with applicable Know Your Customer and Anti-Money Laundering policies.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.