The Japanese cryptocurrency exchange Bitpoint, which was all over the latest cryptocurrency news last week, has managed to discover part of the stolen funds. The hacked Bitpoint exchange discovered more than 250 million yen ($2.3 million USD) in cryptocurrency which is only a small part of the $32 million that they lost due to hacker attacks.
The local English language daily The Mainichi first reported about this on July 14. According to the publication, Bitpoint found the stolen cryptocurrency on overseas exchanges which were using a trading system provided by Bitpoint Japan. The hacked Bitpoint exchange told the source that the recent discovery brings the total sum of lost founds down from 3.5 billion yen ($32 million) to 3.02 billion yen ($28 million) as the latest altcoin news show.
For those of you who did not follow the news, the hacked Bitpoint exchange was initially compromised on July 12. More than 2.5 billion yen ($23 million) of the stolen funds in the hack belonged to customers, while 1 billion yen ($9.2 million) belonged to the exchange. As many best cryptocurrency news sites showed, the hackers stole Bitcoin (BTC), Litecoin (LTC), Ether (ETH) and Ripple (XRP) from the hot wallets of the exchange.
The hacked Bitpoint exchange then suspended all of the services following the hack, while the parent firm of the exchange, Remixpoint Inc., managed to shed 19% following the theft. Remixpoint went untraded in Tokyo after the attack due to a reported glut of sell orders.
The recent incident that involved Bitpoint follows a record-breaking hack of the Japanese exchange Coincheck. The truth is, the hacked Bitpoint exchange is not even close to the sum that Coincheck lost – when more than $534 million worth of NEM tokens were directly stolen from the exchange’s low-security hot wallet.
What hurts people the most is the fact that Bitpoint was one of the several exchanges that received a business improvement order from Japan’s finance watchdog – the Financial Services Agency (FSA) – in June of last year. One of the FSA’s main concerns was the exchanges’ compliance with Anti-Money Laundering as well as Know Your Customer requirements.
The agency also expressed their concerns about customer funds not being kept sufficiently separate from those of the exchanges.
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“This is a problem that is a little too complicated to be explained in a single sentence, the time span is also large, and the two story development lines are advancing and affecting each other at the same time, leading to the final outcome.”The Chinese exchange Fcoin is now in the cryptonews. After its launch in May, the reported trading volumes became some of the biggest in the world overnight thanks to a new business model called "transaction mining." Later on, one Reddit user reported that this volume was actually fake - which is when the problems started. The exchange was later on described as a scam by many and the suspicions about its business model turned out true. There was no airdrop nor ICO at launch and the Chinese exchange Fcoin distributed 51% of its native tokens to users for reimbursing transaction fees. The CEO of Binance, Changpeng Zhao, has publicly called FCoin a Ponzi scheme since the middle of 2018, commenting on Zhang's post in a tweet which read:
“I rarely called out anyone, with exceptions. On Chinese social media, I called FCoin a pyramid scheme in mid-2018. Their founder calls his own plan a "better invention than #Bitcoin". That did it for me. Who would say such a thing? About themselves? Except scammers.”https://twitter.com/cz_binance/status/1229446449152348161 To this, Zhang replied saying that there have been some errors which the Chinese exchange FCoin detected - but did not explain why it failed to address such problems before it is too late.
‘With the deepening of the investigation, we found a large number of existing data problems of dividends and mining returns, and these problems have existed for many days. As a result, a large number of users have already been through operations such as buying and selling various currencies and withdrawing cash, causing the pollution of assets.”The platform was suspended a few days ago by its own account for risk control, which caused a lot of speculation that the project was shutting down and the operators are vanishing. In the last few sentences on his blog post, however, Zhang said that he will do everything to give back the money to users via email personally - and compensate FCoin user losses with the profits he would make from other projects.
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Altsbit Crypto Exchange Suffers Hack Attack, Lost 95% Of Funds
‘’Unfortunately, we have to notify you with the fact that our exchange was hacked during the night and almost all funds from BTC, ETH, ARRR and VRSC were stolen. A small part of the funds are safe on cold wallets.’’From the announcement, it seems that Altbits had almost all of the funds on the hot wallets despite their major vulnerability to malicious cyber intrusions. The Italian crypto exchange will provide a full report on the lost funds soon and we will be able to see exactly how big of damage the theft made. In the follow-up tweets of the exchange, however, can be seen that the hackers stole 1,066 Komodo tokens and 283,375 Verus coins. This combined the value of both stolen cryptos stands at about $27,000. At press time, Altsbit had a 24-hour trading volume of $14.8 million with 98% of its trading activity coming from the ARRR/BTC pair which is the native token of the pirate Chain. Reacting to the news of the hack, some of the supporters of decentralized exchanges noted the vulnerabilities of the platforms that are centralized. However, centralized platforms still command the grater trading volume as the DEX services have a notoriously hard way of navigating the user interfaces. As for the security situation with centralized crypto exchange platforms, the 2020 crypto crime reports by Chainlink show that the exchanges seem to be better equipped to deal with the hackers. Despite the increase in the number of hack attacks, the blockchain analysis firm explained that the total amount of stolen funds in the hacks declined dramatically from the previous year. One of the important strategies that exchanges use is to limit their hot wallet holdings and this will show any inside involvement since the hackers are less sable to drain the vast crypto sums from vulnerable hot wallets. The North Korean hack group Lazarus, is suspected of being behind most of the crypto exchanges in the Asian Pacific and now it seems that it is changing its attack vectors. The group utilizes phishing malware on popular messaging platforms such as Telegram.
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