Japan’s Bitpoint Exchange Recovers Stolen Cryptos
Bitpoint, a Japan-based Bitcoin trading venue that suffered a 3.5 billion yen ($32 million) heist last week, has reportedly found over 250 million yen ($2.3 million) of the stolen digital assets, bringing down the total sum of lost cryptocurrencies to $28 million, reports local news source, The Mainichi on July 14, 2019.
Bitpoint Cuts Losses
Per sources close to the matter, Bitpoint, a Bitcoin trading venue and crypto exchange from the stables of Remixpoint Inc., a Japanese firm that develops energy management solutions, has recovered some of its stolen funds.
As reported by BTCManager on July 12, 2019, Bitpoint exchange suffered a security breach that gifted hackers 3.5 billion ($32 million) in cryptos stored in its hot wallet.
At the time, parent company Remixpoint said in a statement that 2.5 billion yen ($23 million) belonged to its customers while the remaining nine million belonged to the exchange. Following the unfortunate incident, the crypto trading platform said it suspended all transactions and services including deposits and withdrawals.
As with most established exchanges such as Binance, which also fell victim to a massive heist recently, Bitpoint has promised to refund all traders affected by the hack.
“To prevent any harm to customer assets, we will handle this responsibly, for example in terms of compensation from Bitpoint,” declared the exchange.
250 Million Yen Recovered
Fast forward to July 14, 2019, and the exchange has revealed that a fraction of the stolen cryptoassets has been found in overseas exchanges. Specifically, the Tokyo-based exchange announced that it found 250 million yen ($2.3 million) in foreign exchanges that use a trading system built by Bitpoint.
With the recent discovery, the total sum of lost funds on the exchange has now been reduced to 3.02 billion yen ($28 million) from the previous $32 million.
As bitcoin and other virtual currencies continue to gain traction in various sectors of the global economy, bad actors are continuously upgrading their “crypto-stealing” skills.
While crypto exchange hacks have become commonplace in the cryptosphere, Asian Bitcoin trading platforms have been hit the hardest so far, and regulators in the region are trying their best to fix the menace although their efforts are yet to yield the desired results.
Earlier in April 2019, Japan’s Financial Services Agency (FSA) mandated all exchanges in the region to strengthen the security features of their cold wallets, to make it harder for even insiders to penetrate and steal funds.