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Hackers Stole $32 Million Worth Cryptocurrency Assets from Bitpoint Cryptocurrency Exchange

Hackers Stole $32 Million Worth Cryptocurrency Assets from Bitpoint Cryptocurrency Exchange
  • The hackers stole 3.5 billion yen ( $32 million) worth funds in five cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereal.
  • The exchange noted that out of the stolen 3.5 billion yen ($32 million), 2.5 billion yen ($23 million) were customer funds, while the rest were reserve funds owned by the exchange.

Attackers breached the Japan-based cryptocurrency exchange Bitcoin and stole over $32 million worth of cryptocurrency assets.

The big picture

RemixPoint, the legal entity behind Bitpoint, said that hackers breached the Bitpoint exchange network on July 11, 2019, and stole funds from both of its ‘hot’ and ‘cold’ wallets.

Hot wallets are used to store funds for current transactions, while the cold wallets are used for storing emergency and long-term funds.

  • Bitpoint detected the hack after it experienced errors while remitting Ripple funds to customers.
  • Soon the exchange realized that funds from cryptocurrency wallets on its platform have been stolen.
  • The cryptocurrency exchange then held a meeting with its management and shut down the platform.
  • It suspended all the transactions including all deposits and withdrawals.
  • The exchange also notified the law enforcement authorities about the incident.

“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,” Bitpoint said in a notice posted on its website.

What was stolen?

The hacker stole 3.5 billion yen ( $32 million) worth funds in five cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereal.

Bitpoint noted that out of the stolen 3.5 billion yen ($32 million), 2.5 billion yen ($23 million) were customer funds, while the rest were reserve funds owned by the exchange.

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