Inside money, markets, and big tech

Bitpoint exchange loses $32 million worth of cryptocurrency in hot wallet hack

Japan bitcoin hack

Japanese cryptocurrency exchange Bitpoint has been hacked, resulting in the loss of $32 million worth of various digital currencies, Bloomberg reports.

The majority of funds lost (approximately $23 million) belonged to customers, while the rest were owned by the exchange.

A Google Translated version of Bitpoint’s note informing customers that operations have ceased.

Bitpoint has ceased operations and says the funds were stolen from a hot wallet that contained five cryptocurrencies including Bitcoin, Ripple, and Bitcoin Cash.

As of yet, the company says it is not aware of any funds taken from cold wallets.

Japan‘s Financial Services Agency ordered Bitpoint, and several other operators, to improve internal controls after Coincheck lost a staggering $516 million after it was attacked (possibly by Russian hackers) in January last year.

Published July 12, 2019 — 11:30 UTC