Monday, 21 October, 2019

Following $32 Million Hack, Cryptocurrency Platform Bitpoint Suspends Operations

Japanese Cryptocurrency Exchange Hacked $32 Million Worth of Virtual Money Lost Bitpoint Grinds to Halt at Tokyo Exchange After Reported Hack of Virtual Monies
Jean Garcia | 12 July, 2019, 21:58

Of the total amount that was lost, around 2.5 billion yen (approximately $23 million) belonged to customers, while 1 billion (around $9.2 million) belonged to Bitpoint.

Customer funds worth 2.5 billion yen have been stolen by hackers during the attack. It said it hasn't discovered any funds missing from cold wallets - an offline wallet provided for storing bitcoins that is not linked to the internet. 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.

How can Crypto Exchanges Protect Customer Assets Against Hacks?

Once the hack was detected, Bitpoint put web transactions on hold early this morning before stopping all services at 10:30 am.

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Bitpoint reported the attackers stole funds in five cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereal.

Bitpoint was one of many crypto exchanges to have been served a business improvement order from the FSA during its wide-ranging inspections of industry businesses, according to Bloomberg.

Just last month two exchanges were hacked. It is not clear at this point as to when Bitpoint will resume operations once again. According to research, the total amount of crypto assets that have been siphoned from crypto exchanges since inception stands at about 1.4 billion United States dollars. The licensed crypto exchange platform has been hacked 32 million United States dollars worth of crypto assets. When Coincheck was hacked in January 2018, more than $530 million worth of cryptocurrencies were stolen.

Bitpoint, a licensed cryptocurrency exchange based in Japan, was hacked, CoinDesk Japan reports. The regulator wasn't satisfied with the company's internal control.

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