$32 Million Stolen From Japanese Exchange Bitpoint
By Mark Lemon – Cryptocurrency Dealer
Japanese cryptocurrency exchange had to cease its services on Friday after it lost over $32m (£25m) from a hack that occurred late July 11. The exchange will not be able to sell BTC or other assets for the foreseeable future.
Remixpoint, the company that runs the Japanese exchange, found over ¥3.5bn in various digital currencies had been stolen under its management.
The hack was first discovered after an error showed up in the firm’s outgoing funds transfer system late Thursday. It was reported that the digital currency had gone from a so-called hot wallet that is connected to the internet, but the currencies held in cold wallets that are offline were not affected. Many exchanges keep most of their assets in cold wallets to reduce the risk of hacks and continue with selling Bitcoin.
Bitpoint is responsible for numerous cryptocurrencies such as Bitcoin, Ripple and Ethereum. Remixpoint, at the time, said that it was looking into the matter and provided no further details.
It’s the latest of many cryptocurrency thefts that have seen several fluctuations in value and used criminaly in thefts frequently via hacks. Uncertainty in the markets can cause many to sell Bitcoin or their cryptocurrency.
Just last year, CoinCheck was hacked in which it lost over $500m-worth of digital currency. In 2017, Youbit, a South Korean exchange had to close down and file for bankruptcy after being hacked twice. In 2014, MtGox, an exchange based in Tokyo, had to close after 850,000 Bitcoin (which was worth a billion US dollars at that time) just vanished from its virtual vaults.
Since then, the Financial Conduct Authority has initiated a ban on financial instruments associated with cryptocurrencies like Bitcoin, warning the general public that such things could lead to considerable losses for retail consumers.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards