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BitPoint will have to round up its stolen crypto figure to $34.3 million.
Last week, Japan’s BitPoint exchange suspended its services with immediate effect after it emerged that hackers had managed to get away with $32 million. Now, while still reeling from that blow, it has come to light that an additional $2.3 million was also stolen.
This new sum of stolen money was discovered on other exchanges that were using BitPoint’s trading system.
These additional missing funds are concerning for company and client alike as BitPoint admitted that nearly 75% of the lost funds belonged to their clients; it has yet to divulge who the other $2.3 million belongs to.
BitPoint was one of many exchanges being investigated by Japan’s Financial Services Agency (FSA), having previously received a business improvement order–a tool Japan’s finance agency uses to keep companies in line with regulations. It's uncertain if the FSA will force the company to pay back the affected victims, as it had with Zaif and Coincheck. However, BitPoint has not been forthcoming with any plans to pay back its customers–but history suggests there are other measures at the exchange’s disposal.
Exchanges have worked together to recover stolen funds, as was the case with non-custodial exchange ChangeNOW helping Gatehub recover some hacked funds. But BitPoint’s minimal communications in the aftermath, suggests it hasn’t chosen this option.
This isn’t the first time BitPoint has been caught up in a scandal. Documents recently revealed that the exchange was used in the sale of some $318 million of stolen funds from the Mt. Gox’s hack of 2014.