Japanese crypto exchange hacked, loses $32 million

Jeannie Matthews
July 13, 2019

About two-thirds of the losses affected customers while the rest of the missing assets belonged to Remixpoint, the company said in a statement.

A Google Translated version of Bitpoint's note informing customers that operations have ceased.

Japan has been getting hits from hackers recently and has reported cases of hacking a couple of times this year already. Since hot wallets are vulnerable to system compromises, it is of the extreme importance crypto exchanges device a communication line between themselves to mitigate suspicious operations. A Boomberg report added that XRP was one of the major cryptocurrencies involved in the theft of about 2.5 billion yen in customer funds. Regulation has also been structured around effective exchange performance, with the Financial Services Authority not curtailing performance and development. The order was lifted in June and clearly has not been enough to thwart the threat of cyber incursions. The licensed crypto exchange platform has been hacked 32 million Dollars worth of crypto assets.

Following the demise of one of Poland's largest crypto exchanges last week, news is breaking today that one in Japan has just been hacked.

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Following the outbreak, the exchange owner Remixpoint Inc. shut down all its services and took a nineteen percent (19%) on its shares.

More updates expected from Bitpoint regarding the hack.

In a hacking incident a year ago, Japan's Coincheck lost around $500mln-worth of digital currency, and South Korean exchange Youbit had to be closed down in 2017 and filed for bankruptcy after two devastating hack attacks. The company suspended all transactions and services involving digital currencies in the morning.

The reason for the losses, which include bitcoins as well as Ethereum, Ripple and other kinds of cryptocurrencies, is under investigation.

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