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Bitpoint Hack — July 11–12, 2019
Summary
Japanese cryptocurrency exchange Bitpoint suspended all services after losing approximately 3.5 billion yen (~$32M) in a hack involving Ripple (XRP) and other cryptocurrencies.
Detection Timeline
• Bitpoint first detected an error in Ripple (XRP) remittances.
• Realized this was a cyber-attack, not an internal error.
• Within ~3 hours, identified that the attack also compromised funds in Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH).
Financial Breakdown
• Total losses: ~3.5B JPY (~$32M).
• $9.2M belonged to the exchange.
• $23M belonged to customers.
Attack Details
• Hackers stole funds from both Bitpoint's hot wallets and (per some reports) its offline cold wallets.
• Cryptocurrencies stolen from hot wallets: BTC, LTC, ETH, XRP.
• Exact technical mechanism (key compromise vs. insider) was not made fully public.
Recovery & Aftermath
• Bitpoint recovered over 250M JPY (~$2.3M) of the stolen crypto.
• Exchange immediately stopped all services after the hack.
• Parent firm Remixpoint Inc. shed 19% of its stock value.
• Remixpoint shares went untraded in Tokyo briefly due to a spike in sell orders.
• Bitpoint subsequently announced reimbursement plans for affected customers.