Illuminating the Overbilling Dilemma
Bitpoint Taiwan is gearing up to take legal action against its parent, Bitpoint Japan, claiming it has been served a hefty dose of overbilling. The eye-watering sum? A whopping $9.4 million! This all came to light after the Taiwanese side did a little detective work following a major hack that hit the parent company in 2019.
Money Matters: The Missing Funds
According to reports, Bitpoint Taiwan found out that, shockingly, the total funds collected from their local clientele were short by approximately 500 million yen (around $4.7 million). All this digging through past bills was like finding that extra set of keys you thought you’d lost—only to realize they were in the wrong pocket the whole time!
The Claims Made
The Taiwanese subsidiary’s lawsuit states, “It is clear that Bitpoint Japan had billed us based on erroneous numbers.” It’s like discovering your bank statement doesn’t match up, only on a much larger and more chaotic scale.
Hack Attack: The Catalyst
A word of caution: Be careful with your cryptos! Following a hack back in July 2019, Bitpoint Japan lost a staggering 3.02 billion yen (around $28 million) and another 250 million yen (about $2.3 million) at overseas exchanges employing Bitpoint’s trading systems. This hack really hit where it hurts, causing the platform to suspend all services while they picked up the pieces.
Legal Turmoil on the Horizon
Hirotaro Kato, a lawyer representing Bitpoint Taiwan, claims that this lawsuit isn’t just about recovering funds; it’s also about protecting their local clients. Plans are afoot to file this complicated case with the Tokyo District Court, and there’s a hint of suspense: could this legal battle escalate into an international frenzy? Sounds like a legal thriller in the making!
Bitpoint Japan’s Response
As for Bitpoint Japan, they’re playing it cool, stating they were unaware of the lawsuit mentioned in various reports but are in negotiations with their Taiwan counterparts. Meanwhile, they slowly resumed partial services after suspending them post-hack.
Conclusion: Holding the Line on Cryptos
With around 50% of their customers affected by the massive amounts lost in the hack, this looks like a critical moment not just for Bitpoint but for the crypto trading ecosystem as a whole. As more people choose to step into the digital currency world, who’s keeping an eye on the financial security of these exchanges?
