crypto

$32 Million Hack: Crypto Exchange Bitpoint Hit

$32 Million Hack: Crypto Exchange Bitpoint Hit

Japanese cryptocurrency exchange Bitpoint has suspended all services after losing $32 million in a hack involving XRP, Bitcoin and other cryptocurrencies.


Japanese cryptocurrency exchange Bitpoint has suspended all services after losing $32 million in a hack involving XRP, Bitcoin (BTC) and other cryptocurrencies.

In an official announcement on July 12, Bitpoint revealed that it had lost around 3.4 billion yen (~$32 million) — 2.5crypto billion yen (~$23 million) of which belonged to customers and one billion (~$9.1 million) to the exchange.

Bloomberg reports that shares of Bitpoint’s parent firm Remixpoint Inc. shed 18% following news of the incident, and were untraded in Tokyo as of 1:47 p.m. “on a glut of sell orders.”

Alongside XRP and Bitcoin, a total five different cryptocurrencies had been stored in the affected hot wallets, including Litecoin (LTC) and Ether (ETH).

The exchange’s cold wallets are not reportedly thought to have been compromised, Bitpoint’s announcement indicates.

Bitpoint was one of multiple domestic cryptocurrency exchanges to have been served a business improvement order from Japan’s financial regulator, the Financial Service Agency (FSA), during its wide-ranging inspections of industry businesses, per Bloomberg.

As previously reported, the industry record-breaking hack of $535 million of NEM from Japan’s Coincheck exchange in January 2018 had been attributed to the fact that the coins were stored in a low-security hot wallet.

In 2019, May’s $40 million hack of top cryptocurrency exchange Binance has loomed large over the industry — at least eight cryptocurrency exchanges have been the target of large-scale hacking incidents in the first half of this year, most recently Singapore-based Bitrue.

CBNN

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