Japanese Cryptocurrency Exchange BITPoint Resumes Trade Services Following Massive Hack

Asia Blockchain Review
August 15, 2019
Japanese Cryptocurrency Exchange BITPoint Resumes Trade Services Following Massive Hack

BITPoint, a Japanese digital asset exchange, has recently restarted trade services following a hack in July which resulted in the illegal outflow of US$28 million.

As reported by CoinDesk, BITPoint reopened cash deposits and withdrawals in fiat currencies on August 6 following a safety assessment of the exchange’s crypto wallet. The exchange also reportedly set aside the compromised hot wallet and assessed all other wallets in order to ensure security.

Stolen Crypto Assets Included Four Major Digital Currencies

An official statement from BITPoint confirmed that the stolen crypto assets included 1,225 Bitcoin (BTC), 1,985 Bitcoin Cash (BCH), 11,169 Ether (ETH) and 5,108 Litecoin (LTC). 

According to Finance Magnates, the platform subsequently terminated all services, including the WEB trading site, BITPoint MT4 transactions, API and Smart API services and store settlement services, as well as the BITPoint wallet and BITPoint LITE apps.

Parent company Remixpoint Inc said US$23 million of the US$28 million were customer funds. The method or group behind the hack has yet to be disclosed and the investigation is still ongoing.

Crypto Withdrawal and Deposit Services to Resume in Months

On July 16, BITPoint said the 50,000 affected customers will receive back their funds on a 1:1 basis.

Over-the-counter (OTC) margin trading services, which utilize a similar wallet for fiat withdrawals, were scheduled to begin on August 9 and spot trading to open on August 13.

Additionally, though the exact date was not specified, the exchange was slated to resume crypto withdrawal and deposit services in September and October, respectively.

Source: https://www.coindesk.com

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