Half of Bitpoint Customers Were Affected by $28 Mln Hack

Bitpoint’s president claims that the exchange will repay the victims of the hack in crypto

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Bitpoint, the embattled Japanese cryptocurrency exchange, claims that more than 50,000 of its customers fell victim to those who orchestrated a $28 mln hack, The Mainchi reports. This represents almost half of their total user base of 110,000 people.

Victims will get their crypto back

According to Bloomberg, which shed light on the black swan event on July 12, the lion’s share of funds that were stolen from Bitpoint’s hot wallet belonged to the exchange’s users. 

Bitpoint president Genki Oda clarified that $8.9 mln of the stolen money was owned by the exchange.   

It is unlikely that things will get back to normal at Bitpoint anytime soon as the exchange is currently undergoing an investigation by the Japanese authorities. However, Oda claims that affected customers will be repaid. 

It is worth noting that the exchange was ordered to improve its internal controls by the Financial Services Agency (FCA).        

Japan, what is your problem? 

Japan, despite being a vibrant crypto hub, definitely seems like a boon for hackers. 

Bitpoint doesn’t come close to the scope of the Coincheck hack that took place last year — bad actors pilfered more than $500 mln worth of digital currency.

The Land of the Rising Sun was also home to the now-defunct Mt.Gox exchange that lost 850,000 BTC, which is more than $8.4 bln worth of BTC at the current price.

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Alex Dovbnya

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.