The discovered crypto assets are a part of the $32 million worth of crypto stolen from the Japanese exchange last week. This is according to reports by The Mainichi on Sunday, July 14.

About the hack

Bitpoint crypto exchange was initially hacked on July 12, 2019. About 3.5 billion yen was stolen during the hack. 2.5 billion yen of the lost funds belonged to customers while the remaining 1 billion yen belonged to the exchange. The hackers made away with Bitcoin (BTC), Litecoin (LTC), Ether (ETH) and XRP. All these cryptocurrencies were stolen from the exchange’s hot wallet.

In the wake of the attack, Bitpoint promptly suspended all services on its platform, while its parent firm Remixpoint Inc. dropped by 19% after the theft. Japan in recent times has been the target of several crypto hacks. In 2018, Coincheck lost $534 million of NEM tokens from its low-security hot wallet.

In June 2018, Bitpoint was among several exchanges in Japan to receive a business improvement order from Japan’s Financial Services Agency (FSA). The FSA was majorly concerned with Bitpoint’s compliance with AML and KYC requirements. The agency also expressed concerns that customer funds were not being kept separate from those of the exchange.

The exchange has not disclosed if the recovered funds belonged to the exchange or the customers. As at the time of writing, the exchange has made no official statement as to the commencement of deposits and withdrawals on the platform.


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