A Portion of Bitpoint’s Hacked Funds Have Been Found

A Portion of Bitpoint’s Hacked Funds Have Been Found

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The Japanese exchange platform, Bitpoint have managed to recover $2.3 million of the $32 million stolen from them by hackers last week.

There are a few things worse for an exchange platform than to be hacked. This year has already seen several hacks of major exchanges, including Binance and Cryptopia. With the latter demonstrating just how bad it can get for an exchange platform after it was forced into closure just months after the hack took place.

With this in mind, when Bitpoint discovered they were victims of a significant hack to the tune of $32 million last week, thoughts of the fate of Cryptopia, not to mention their compatriot exchange Mt. Gox back in 2014, must have crossed the boss’s minds. As such, with the recovery of $2.3 million of the funds, it may give them hope of avoiding the same conclusion.

The exchange revealed that these funds were found in exchange platforms outside of Japan, who were operating a trading system provided by Bitpoint Japan. This should now help them to claim back these funds and could put them on the right track to recovering the rest of the assets.

However, while the exchange platform will be thankful for the little graces now, there is still a lot of work to be done to recover the remaining $28 million which is still out there somewhere in cyberspace, which consists of both the users and exchanges funds.

During the hack, $23 million of the funds belonged to customers while $9.2 million was the exchanges. This is of interest in its own right, as the Financial Services Agency (FSA) had previously noted concerns that the funds of the exchange and its users’ were not being kept apart adequately enough.

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