Another day, another hack: $32 Million stolen from Japanese cryptocurrency exchange

Bitpoint Japan Hack $32 million

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.

Without a doubt, the incessant hack of cryptocurrency exchanges has nearly become a menace that the crypto industry doesn't have a solution.

As of yet, the company says it is not aware of any funds taken from cold wallets.

In order to facilitate trading, Bitpoint manages some virtual currency as a hot wallet, and this time it is reported that the hot wallet was illegally leaked.

It is not yet clear at this stage which types of assets were lost, the exchange offered trading for five cryptocurrencies: bitcoin, bitcoin cash, ether, litecoin and XRP.

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Further investigation of the hack led Bitpoint to the revelation that Ripple wasn't the only cryptocurrency being targeted. The company suspended all transactions and services involving digital currencies in the morning.

Interestingly, the Japanese Financial Services Agency (FSA) sent Bitpoint an operational improvement order previous year. Ironically, the order was reversed at the end of June. 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. The licensed crypto exchange platform has been hacked 32 million Dollars worth of crypto assets.

"I would also add that insider issues such as fraud or theft have grown mostly due to operations outside of the US where regulations are poor, or simply due to greed and mismanagement by young management teams at these cryptocurrency companies that are managing hundreds of millions or even billions of dollars".

Bitpoint is the third major Japan-based cryptocurrency exchange to suffer a major hack in the past years. The regulator wasn't satisfied with the company's internal control.

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