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Japan’s Hacked Bitpoint Recovers $2.3 million Worth Stolen Crypto Assets

Bitpoint, the subsidiary of Remixpoint Inc. has come with the latest updates on finding $2.3 million (250 million yen) worth of stolen cryptocurrency out of the total $32 million (3.5 billion yen- holdings that include customers and the company’s fund) from a theft that took place last week in a security breach on the platform. The information came through a Japan’s local publication, The Mainichi on July 14.

The Tokyo- based cryptocurrency exchange operator revealed the media outlet that the stolen crypto assets discovered on a few anonymous overseas exchanges that were using the trading platform provided by Bitpoint Japan.

Bitpoint Cryptocurrency Exchange Hack, Bitcoin Cash [BCH], Ethereum [ETH], Litecoin [LTC], Ripple [XRP], Bitcoin [BTC]

As per the displayed information, Bitpoint Japan started to regain the lost altcoins which were vanished in the hack. The company estimated the cut-down loss is now 3.02 billion yen out of earlier mentioned 3.5 billion yen.

Before the hack, there were allegedly five altcoins- Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) including the most desired cryptocurrency Bitcoin (BTC) stored on the trading system.

Reportedly, Remixpoint Inc. had experienced a substantial fall in its share prices which gone down by 19% simultaneously, after this unfortunate incidence. The parent company went untraded in Tokyo immediately “on a glut of sell orders.”

Coincheck Cryptocurrency Exchange Hack

On July 12, Bitpoint apprised its users about the suspension of services like remittance (sending) and receiving (deposit) after the establishment met with the security breach in its hot wallet, purportedly on July 11. The hack is somewhat similar and followed after Coincheck robbery that was also compromised through its low-security hot wallet in Jan 2018.

The Financial Services Agency (FSA) released a business improvement order last year which is required to fulfill by all the cryptocurrency exchanges and related ventures. Bitpoint is also one of those companies and believed to be in the process of taking care of the compliances related to Anti-Money Laundering and Know Your Customer obligations. The company still not disclosed the reason behind this major hack and whether the customers can get their holdings back or not.

Koinpost will remain to post the updates and inform the viewers about the new findings.

Image by Gerd Altmann from Pixabay

Tags: Cryptocurrency Crime Report, Bitcoin News, Cryptocurrency Exchange, Cryptocurrencies, Japan, Hackers, XRP, BTC, ETH, LTC, NEM, Hackers, Crimes, BitPoint, Coincheck, Financial Service Agency (FSA), Coincheck Hack, Hot wallet, Japan, Remixpoint Inc