Japanese cryptocurrency exchange Bitpoint hacked for $32m

Motor industry

Bitpoint has announced today that the cryptocurrency exchange has lost 3.5 billion yen ($32m) in crypto assets. 

As a result, Bitpoint has suspended all services including deposits and withdrawals to investigate the hack. 

RemixPoint Inc., the owner of the exchange, released a document explaining that around 2.5 billion yen had been stolen from funds belonging to customers, whilst Bitpoint owned the rest. 

Reportedly, hackers had stolen funds from a hot wallet that contained five cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereal, Litecoin and Ripple. 

The hack had been detected following errors related payment of Ripple funds to customers. After detecting the errors Bitpoint admins had become aware they had been hacked, and it wasn’t until hours later that they discovered the loss in crypto assets. Shortly after the exchange was shut down and law enforcement notified.

As of yet, Bitpoint has not said if it has plans to refund customers. 

In a press release Bitpoint said:

“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. 

“The official service resumption date will be announced separately on our website.”

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