Monday, 21 October, 2019

Bitpoint cryptocurrency exchange hacked for $32 million

Bitcoin BTC Bitpoint Grinds to Halt at Tokyo Exchange After Reported Hack of Virtual Monies
Russell Knight | 12 July, 2019, 21:59

Japan often appears in the news about the theft from crypto exchanges: in September 2018, Zaif, a licensed exchange under the Japan Financial Services Agency, was hacked, losing up to $60 million.

Back then, the Japanese platform lost around $500 mln in cryptocurrency and brought up new major regulations regarding the country's exchanges.

The currency exchange operator initially detected a ripple transaction error at around 10:12 p.m. Thursday and confirmed a theft about 30 minutes later.

The exchange also said that 2.5 billion yen ($23 million) of the total 3.5 billion yen ($32 million) that were stolen were customer funds, while the rest were funds owned by the exchange itself, as reserve funds and profits from past activity.

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The exchange did not say if it can or plans to refund customers. Theft occurred as a result of a hacker attack. At the time, MtGox handled close to 80 percent of all Bitcoin BTC transactions in the world. Even after the involvement of the agency, critics remain skeptical towards the security of crypto exchanges. The correspondence system department etc. of Bitpoint Japan have started correspondence. Singapore-based Bitrue lost XRP and ADA tokens worth $5 million at the time of the theft, while Slovenia-based British exchange GateHub lost almost $10 million worth of XRP.

"We are working hard to get to the bottom of the incident, specify the exact amount that has been lost and take measures to keep the damage to a minimum", Remixpoint said.

Since funds are usually transferred from one exchange to another during hacking, establishing excellent communication will be vital in fighting this vice. The four crypto exchange are Upbit, Korbit, Coinone, and Bithumb.

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