Hackers Thieve $32 Million in Cryptocurrency from Japanese Exchange Bitpoint

13 Juillet, 2019, 03:02 | Auteur: Auguste Feret
  • Japanese Cryptocurrency Exchange Hacked $32 Million Worth of Virtual Money Lost

Japan is the latest to join the list of countries with crypto-exchanges subjected to cyber-attacks, joining the likes of South Korea, Canada, and New Zealand.

On July 11, hackers stole JPY 3.5 billion (USD 32 million) from the Japanese cryptocurrency exchange BITpoint, its parent company Remixpoint confirmed today, adding that victims of the hack will be compensated. It was reported that 71% of the funds stolen were customers assets as $23 million of the stolen funds were customers deposits. Regulation has also been structured around effective exchange performance, with the Financial Services Authority not curtailing performance and development.

While the exchange offers to trade for five virtual currencies: Ripple (XRP), Litecoin, Bitcoin, Ether, and Bitcoin Cash, it is not yet clear what crypto assets suffered what percentage of thuggery. The announcement indicated that Bitpoint's cold wallets were not affected.

The Bitpoint hack comes after a series of major heists that took place in Japan over the years.

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Just last month two exchanges were hacked.

The move followed one of the largest hacks in crypto history when Coincheck was plundered for over $530 million in NEM tokens early a year ago. This happened after employees of the exchange noticed a suspicious withdrawal of funds from their hot wallet on Thursday.

The company has notified police of the situation, investigative sources said. Remixpoint shares plunged 19 percent to their daily lower limit, and were untraded in Tokyo as of 1:44 p.m. on a glut of sell orders.

Bitpoint is a relatively small player in comparison to the big boys. This may have been because funds were protected by the firm's SAFU, Secure Asset Fund for Users. According to research, the total amount of crypto assets that have been siphoned from crypto exchanges since inception stands at about 1.4 billion Dollars.

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