Japanese Crypto Exchange Bitpoint Loses $32 Million In Hack; BTC, BCH, ETH, LTC, and XRP Stolen

The hacking attempts at cryptocurrency exchanges are becoming more and more prevalent as yet another exchange lost over $32 million USD worth of cryptocurrency funds. The hack on Japan’s BitPoint led to the indefinite closure of withdrawal, deposit and trading services on the platform leading to several questions on the security of the exchange.

This becomes yet another exchange to face the hacker’s keyboard in 2019 following previous attempts on Cryptopia, Coinmama, Binance, Bithumb, GateHub and Dragonex. A recent announcement from the Bitrue exchange confirmed they lost over $5 million USD – in Ripple (XRP) and Cardano (ADA) – after 90 users wallets were targeted by the hackers.

In a statement from the security team at Bitcoin, they confirmed that the exchange have been compromised. The statement reads,

“The Company has identified an unauthorized outflow of virtual currency at a virtual currency exchange.”

Trading Services On BitPoint Exchange Cut Off

‘Yet another exchange services halted in response to hacking.’ This represents the general cryptocurrency community response to BitPoint stopping sending and receiving functions on the platform on Tuesday 6.30 AM (JST). All services stopped four hours later. The statement reads,

“Today, we have stopped the remittance (sending) and receiving (depositing) services from 6:30, but we will stop all services including transactions and sending and receiving from around 10:30. We apologize for the great inconvenience to our customers, but we appreciate your understanding and cooperation.”

An Indefinite Closing Period

The report however did not state the actual date and time scheduled for the platform to resume as the services remain indefinitely stopped. Traders and users on the platform are asked to keep look on the announcements released by the team.

“The official service resumption date will be announced separately on our website. We will post information on our website from time to time on the website, so it is hoped that customers will carefully check the announcement from us.”

The exchange closed down a number of services later after the trading services were stopped including WEB trading site, BitPoint MT4 transactions, API and Smart API services, Store settlement services, BitPoint wallet app, and BitPoint LITE application.

Remixpoint Inc.’s Shares Plunge 19%

Bloomberg reported that Remixpoint Inc., owner and creator of BitPoint exchange, shares saw a 19% drop in 24 hours following the release of the news. The company is said to have lost over 1 billion yen (~$9 million USD) while customers lost 2.5 billion yen ($23 million USD) worth of cryptocurrencies during the hack.

The hackers targeted the hot wallets holding a number of cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH) and other major cryptocurrencies.

Reports came out earlier in the year that BitPoint was the exchange of choice for one of the hackers in the Mt. Gox scandal. The culprit sold off close to $318 million worth of BTC on the exchange leading to calls from the Japanese authorities for the exchange to tighten up its security procedures.

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