$32 mn swiped from Japanese cryptocurrency exchange in latest hack

Bitpoint Exchange Hacked Losses Amount About $32 Mln

Bitpoint Exchange Hacked Losses Amount About $32 Mln

Japan has experienced another cryptocurrency exchange hacking this year, perhaps the first of the year's second half.

Japanese cryptocurrency exchange Bitpoint has been hacked, resulting in the loss of $32 million worth of various digital currencies, Bloomberg reports. Markets did not even blip when Binance, the world's largest exchange, announced it had lost around $40 million in a hack in May.

Bitpoint reported the attackers stole funds in five cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereal. All transactions have been halted.

The incident follows the theft of 6.7 billion yen from the Zaif exchange, operated by Tech Bureau Corp., in September 2018.

The customers have lost approximately 2.5 billion yen ($23 million) and the exchange 1 billion ($9.2 million). In an online post, the exchange said at the time that it had submitted its business improvement plan and will continue to "enhance and strengthen its management structure and internal control, maintain and improve its legal compliance system, and provide high-quality services including improved convenience for customers".

BITpoint Japan Inc.is a Tokyo-based exchange, established in March 2016.

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The losses, which include bitcoins as well as Ethereum, Ripple and other kinds of cryptocurrencies, are under investigation. This may have been because funds were protected by the firm's SAFU, Secure Asset Fund for Users.

As of now, it was unclear when the Bitpoint Exchange would resume operations, for now they will remain suspended until further notice.

Communication between crypto exchanges is vital in fighting with this cumbersome vice that is increasing in frequency.

Hot wallets are used to store funds for current transactions and cold wallets are offline devices used to store emergency and long-term funds.

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