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.

Tanya Abrosimova Independent Analyst

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.

Author

Tanya Abrosimova

Independent Analyst

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