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Bitpoint Exchange Finds $2.3 million Worth of Crypto Lost to a Hack

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Bitpoint recovers $2.3 million

Bitpoint, a Japan-based crypto exchange has found $2.3 million worth of crypto after it suffered a hack in the past week. A report unveiled this news on July 14. Reportedly, this sum was part of the $32 million that the exchange lost to the attack.

According to the report, Bitpoint found the stolen crypto on overseas exchanges. These exchanges were using a trading system that Bitpoint Japan provided. Bitpoint noted that this latest discovery brought the total sum of funds found to down from $32 million to $28 million.

A publication unveiled that the exchange suffered this attack on Friday, July 12. The hack involved XRP, BTC, ETH, and LTC. In its official announcement, Bitpoint noted that $23 million of the stolen funds belonged to its customers. Following the hack, the exchange suspended all activities. Remixpoint Inc. the exchange’s parent firm lost 19 percent after this theft. This is because there was an influx of sell orders that saw the firm go untraded in Tokyo.

A Rise in Crypto Exchange Hacks

This news comes after Coincheck, another Japanese crypto exchange suffered a record-breaking hack in January. The exchange lost $534 million worth of NEM tokens. According to the president of the NEM Foundation, this attack was “the biggest theft in the history of the world”.

As a result, the exchange had to suspend all withdrawals and deposits temporarily. After the hack, the exchange promised its users that it would provide details as time progressed. In June, a report surfaced noting that Russian hackers could have been behind this attack. Allegedly, the personal computers of Coincheck’s employees were found to have been infected by a virus associated with a Russian hacker group.

A few months after Coincheck’s remarkable attack, Binance exchange suffered a $40 million hack. Reportedly, the hackers withdrew 7,000 BTC. According to the exchange, the attackers only compromised its hot wallets, which contained only 2 percent of its BTC holdings. After the theft, a publication surfaced alleging that the hacker consolidated the stolen BTC into just seven BTC addresses.

Prior to Bitpoint’s hack, the exchange received a business order of improvement from Japan’s FSA. The watchdog expressed its concerns over the exchange’s failure to comply with AML and KYC policies. On top of this, FSA noted that the exchange had not been keeping customer funds separately from its own.

Do you think Bitpoint will be successful in recovering the remaining $28 million it lost to the hack? Let us know in the comments section below.

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