Another day, another hack: $32 Million stolen from Japanese cryptocurrency exchange
|- Japanese cryptocurrency exchange lost about $32 million in cryptocurrencies.
- The vulnerability was detected in the hot wallet.
Japanese cryptocurrency exchange Bitpoint suspended operations after falling a victim of a massive hack attach that cost it about 3.5 billion yen ($32 million).
According to the information, published on the official website of the exchange, the company halted all operations, including opening new accounts once an authorized cryptocurrency transaction was detected. The company is now trying to minimize the damage and find the vulnerability.
While the details of the incident are not available at the moment, Bitpoint confirmed the first error alert was related to Ripple (XRP) transactions. Later unlawful transfers with other cryptocurrencies were also detected.
The funds were stolen from the company's hot wallet, while cold wallets remained unaffected.
It is worth noting that Bitpoint received an operational improvement order from Japan's Financial Services Agency following the 2018 hack of Coincheck.
Remixpoint Inc, the operator of the trading platform, promised to compensate users for losses.
Remixpoint shares listed on the Tokyo Stock Exchange, dropped as much as 19%. The trading was halted due to on a glut of sell orders.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.