Another Japanese Crypto Exchange Bitpoint Victim of $32 Million Hack

A Japanese crypto exchange Bitpoint has suspended all services following a hack which led to them losing XRP, Bitcoin (BTC) and other cryptocurrencies (a total of five different cryptocurrencies stored in the breached hot wallets, including Litecoin (LTC) and Ether (ETH).)  which have a combined valued close to $32 million based on current prices.

The news of the hack was made public on July 12 in an official announcement where Bitpoint revealed that it had lost around $32 million where $23 million belonged to customers and $9.2 million belonged to the exchange.

The situation is still under investigation and the findings from the investigation  will be disclosed as soon as possible, said.

Bloomberg reports state that shares of Bitpoint’s parent firm Remixpoint Inc. dropped by 19% following news of the hack as is flagged red by all active traders.

The good news is, the exchange’s cold wallets haven’t breached and are still good to go.

According to Bloomberg, Bitpoint is one amongst few multiple domestic crypto exchanges to have been served a business improvement order from the Financial Service Agency (FSA), Japan’s financial regulator, following its wide-ranging inspections.

Now, this is nothing compared to the industry record-breaking hack of $534 million of NEM from Japan’s Coincheck exchange back in January 2018 where most of their assets were stored in low-security hot wallets.  

2019 has been a bittersweet year for the Crypto industry as even after the huge boom in prices of all major currencies and major tech giants accepting the technology, at least eight crypto exchanges including Crypto Exchange giant Binance have been the target of large-scale hacking incidents. 

A long term security solution must come forward if the industry looks to target the attention of the mainstream audience.

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