Rajarshi Mitra
Independent Analyst
- Bitpoint exchange was hacked on July 12 for a staggering $32m.
- Of the $32m, $9.2m belonged to the exchange while $23m belonged to customers.
According to local English paper Mainchi, Bitpoint, a Japanese crypto exchange has found over 250m yen ($2.3m) in cryptocurrency - a part of the $32m amount that was stolen last week. As per the report, Bitpoint found the stolen currency on international exchanges that were using a trading system provided by Bitpoint Japan.
The exchange was hacked on July 12. 2.5b yen ($23m) of the stolen funds belonged to the customers whereas 1 billion ($9.2 million) belonged to Bitpoint. Bitcoin (BTC), Litecoin (LTC), Ether (ETH) and XRP were stolen from the exchange's hot wallets.
While the company immediately stopped all the services post the hack, its parent firm Remixpoint Inc. shed 19% following the hack. In Tokyo, Remixpoint went untraded after the attack due to an alleged spike in sell orders.
Notably, Bitpoint was one of several exchanges that received a business improvement order from the Financial Services Agency (FSA). One of the prominent concerns of the FSA was the exchange's compliance with KYC (know-your-customer) and Anti-Money Laundering. FSA also said that the customer funds were not distinguished from the exchange's funds in a clear, accurate manner.
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