$2.3M of Bitpoint's $3.2M in Stolen Funds Have Been Found

More than $2.3 million of the $32 million that was stolen from Japanese cryptocurrency exchange Bitpoint has been found and reabsorbed by the exchange. The news of the discovery first appeared in The Mainichi, a local English language newspaper.

The Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term were located across several exchanges outside of Japan that utilize trading systems provided by Bitpoint; according to the report, the discovery brings the total amount of losses down to roughly $28 million.

$23 million in user funds, $9.2 million in exchange funds were stolen last week

The news of Bitpoint’s hack originally broke on Friday, July 12th after an error in the exchange’s outgoing funds transfer system on Thursday night.

Within several hours, the exchange discovered that $23 million in user funds were missing, and an additional $9.2 million was missing from the exchange’s own reserves. Hackers spread their attack across four cryptocurrencies, including Bitcoin, Litecoin, Ethereum, and XRP from the exchange’s hot (online) wallets.

Following the attack, Bitpoint suspended all trading, deposits, and withdrawals on the platform, and has not yet resumed the services. There are not yet any announcements with regards to when the exchange plans to continue its operations, or whether or not users will be reimbursed for their losses.

Bitcoin Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term firm and AML/KYC provider Clain wrote on Twitter that some of the altcoins stolen from Bitpoint were laundered through Singapore-based exchange Huobi.

#bitpoint was hacked on Jul 11, 2019. #clain has detected the bitcoin addresses where the stolen funds were aggregated. Apparently, the part of the stolen alts was converted to BTC on #huobi exchange and landed on the same hacker's wallet. See below pics for more clarity. pic.twitter.com/CLFSxlNZ2g

— clain (@clain_io) July 12, 2019

Bitpoint’s parent company, Remixpoint, had plummeted 18.6% at the time of writing.

Bitpoint is one of the many exchanges that had been slapped with a business improvement order by the Japanese Financial Services Agency (FSA) after applying for a license to continue its operations from the agency.

Since Japanese cryptocurrency exchange Coincheck was hacked for $530 million in January of 2018, the agency has only granted a handful of licenses. It appeared as though the agency might have been gaining momentum in granting the licensure last week due to the relaxation of restrictions placed on crypto exchange Bitlfyer, but the Bitpoint hack could give the agency a bit of pause.

Finance Magnates reported last week that over 100 cryptocurrency exchanges are currently in the process of applying for licensure from the FSA.