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Japanese Hackers Steal $32 Million In Crypto From Bitpoint Exchange

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Japanese Hackers

Japanese hackers attacked the crypto exchange Bitpoint under the parent company Remixpoint which revealed that the operator lost about 3.5 billion yen or $32 million to hackers as reported in the latest cryptocurrency news.

The customer funds worth about 2.5 billion yen were stolen during the attack. Remixpoint clarified that the company will compensate the customers who lost their funds but the Bitpoint’s stock plunged as much as 18 percent on the Tokyo Stock Exchange. In a published press release in Japanese, the company revealed details of the attack but Bitpoint stated that they had ‘’ detected an error related to Ripple remittance’’ and with further investigation, it was found that Ripple tokens were ‘’illegally leaked.’’

Further investigation of the hack shows that the Ripple tokens were not the only ones targeted. The company noted that the Japanese hackers managed to perform ‘’fraudulent outflows of virtual currency stored in BPJ-managed hot wallets.’’ The virtual currencies that were stored in the hot wallets of the exchange included Ethereum, Bitcoin, Bitcoin cash and litecoin as well. Once the hack was detected, Bitpoint put transactions on hold in the morning and then stopped all services at 10:30 am.

The Financial Services Agency of Japan issued an operational improvement order to Bitpoint last year. The agency believed that the crypto exchange had really poor internal controls and wanted for the exchange to make sure they are following the rules and regulations in order to protect users. The order was lifted at the end of June so the Japanese hackers took advantage and crippled the exchange once again.

The hack adds up to the number of crypto attacks that we witnessed over the year. Hackers stole as much as $1.2 billion in the first quarter of this year only from theft from exchanges, crypto scams and misappropriation of funds. As explained previously in the altcoin news, the total loss from cryptocurrency thefts and scams last year reached up to $1.7 billion so we could expect a massvie spike this year, unfortunately. CipherTrace, the cybersecurity company that provided the data, blamed mismanagement and poor regulations for the massive increase in crypto thefts. The CEO of the company noted:

 “I would also add that insider issues such as fraud or theft have grown mostly due to operations outside of the U.S. 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.”

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Blockchain News

German Government To Combat Libra With New Blockchain Strategy

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The German Government just approved its proposed its new blockchain strategy for combating crypto projects such as Facebook’s Libra and in today’s coming altcoin news. According to Spiegel, Germany’s federal cabinet will now approve its blockchain strategy which as announced back in June this year. This move is clearly a sign that the country has an intention to become a part of the emerging global economy and the government-run Bundes-Chain now sounds like the latest threat for Libra in Europe. The representative of the center-right Christian Democratic Union Thomas Heilmann says that the German Government and the legislative of the country has already worked on an agreement to prevent the operation of any ‘’market-relevant private stablecoin.’’ Commenting on the same matter, Heilmann noted:
‘’Up to now, the economy has done a great job in countering crises and inflation with measures taken by central banks. Once a digital currency provider dominates the market, it will be quite difficult for competitors.’’
Rather than Libra entering the market in Germany, the authorities appear to be in favor of creating a new state-backed digital currency which will run on the Bundes chain. Part of Germany’s proposed blockchain strategy involves creating a simple framework for crypto startups in the country. As it was previously reported in some of the best cryptocurrency news sites, BitBond in 2019 launched the first even regulated security token offering in Germany. According to Heilmann, the German government hopes that the new blockchain strategy will help the local crypto startups to enjoy the competitive advantages of the market over foreign counterparts. There is also very little information on how the government-run Bundes Chain will incentivize the private participants. For the crypto analyst Alex Kruger, some of the other countries will copy the approach Germany has with the emerging cryptocurrency and blockchain technology industry. Also, the French Finance Minister Bruno Le Maire declared that the country will also work towards blocking the libra crypto project in Europe. Le Maire also explained that Libra is a huge threat to the economic sovereignty of Europe. In China, the central bank is also trying to launch the digital yuan project which is a part of the efforts to block Libra.
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Blockchain News

Crypto Lawyer Claims: The Lost Mt.Gox Funds Can Be Recovered

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Crypto lawyer from a Moscow-based law firm claims that there is a solution to get the lost funds from the hacked Mt.Gox exchange as we are about to read in the coming altcoin news. The creditors of the exchange still wait for the Japanese court to resolve what happens with their lost funds and according to them, ZP Legal is the company who contacted them earlier this year and offered them an opportunity to recover almost a quarter of the missing 850,000 bitcoin who disappeared in 2014 during the exchange hack. The coins are worth more than $8.5 billion today. The law firm estimated that more than 200.000 of the coins can be recovered by taking legal action against the Russian nationals who received the stolen money. In return, the law firm will charge the creditors 50 to 75 percent of the recovered sum as well as an hourly rate. ZP Legal says they will only accept payments in an event of a successful recovery. The managing partner and crypto lawyer from ZP Legal, Alezdander Zheleznikov, believes that some of the money which were stolen from MT. Gox might have ended up on another exchange which is also not functioning at the moment. In fact, his claim was investigated by the former Mt.Gox user Kim Nilson who alleged in order by the US District Court of the Northern District of California. Following the order, the now-defunct BTC-e exchange and its operator Alexander Vinnik got arrested in Greece in 2017 and is now facing extradition to the US or Russia to face trial over money laundering accusations. Zheleznikov believes that the criminal case against Vinnik can be accelerated if the creditors from MT. Gox come forward as victims and help law enforcement establish a connection between the two exchanges. He added:
 “Our plan is to represent the Mt.Gox creditors and help them report to Russian law enforcement so that the investigators could establish the connection between the stolen funds from Mt Gox, the operations of BTC-e and WEX, using Vinnik’s case.’’
ZP Legal claims to have successfully recovered as much as $1 million of the funds on behalf of an unnamed client from another exchange based in Russia as we read in the latest cryptocurrency news.
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Sportsbet.io Made Smart Partnership With Premier League Watford FC: CZ

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Sportsbet.io is now the official sponsor of the Premier League Watford Football club and according to the CEO of Binance, it is one very smart move. Let’s find out more about it in the altcoin news below. Watford will now have the Bitcoin logo on their team jerseys as a part of the sponsorship agreement with Sportsbet.io. The logo itself is a huge deal which helped the club a lot and started a new form of advertising while also giving them exposure to Bitcoin as a mass marketing campaign. The Head of Marketing at Sportsbet.io Justin Le Brocque stated:
 “The crypto community have been hugely supportive of us since we began, so putting the Bitcoin logo on the sleeve felt like a fun way to give something back while also showing them our support.’’
Sportsbet.io is the first crypto-based company that has its name and logo appear on a Premier League club jersey. The football club will give its fame to the number one cryptocurrency at a time when the price of BTC is outpacing any other cryptocurrency in both yearly gains and trading. The latest move by the platform attracted the attention of the CEO of binance ‘’CZ’’ or Changpeng Zhao who is a huge proponent for crypto adoption. The Binance CEO explained on social media and to its followers on Twitter mostly, that this is a very smart and strategic partnership making the team go into a viral sensation. Sportsbet.io explained the decision to put the logo on the jerseys is a way to say thank you to the crypto supporters that used their services. The crypto community was not so keen on Bitcoin in the summer of 2018 as the community tried to buy a featured ad on the Super Bowl half time show but the NFL moved in to totally ban Bitcoin from being presented as one of the most viewed advertising slots. The crypto advertising industry is still a very contentious topic because some projects are able to reach a huge audience which later leads to large-scale scamming. Bitcoin has never had that kind of advertising campaign but being featured on jersey will definitely boost its visibility as per the analysts and reports for our latest cryptocurrency news.
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Blockchain News

Blockchain Devices Market Will Reach $1.2B In 5 Years: New Research

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Blockchain devices market is expected to grow about five times in the next five years according to the latest research by Markets&Marktes as we are reading today in the coming altcoin news. The blockchain devices market that is dedicated mostly to cryptocurrency features will grow by huge leaps of 40 percent each year according to the research. The sales will also increase for almost every category including hardware wallets, ATMs, POS terminals for crypto payments and crypto-enabled smartphones. According to the research:
 “Of all the types of devices, other devices such as blockchain gateways & pre-configured devices expected to grow at the highest CAGR during the forecast period. Blockchain is a universal purpose digital identity gateway, which enables corporations, governments, and institutions to bridge their legacy systems with the decentralized blockchain networks.’’
The climate for investments is also in a good position since there is a lot of venture capital that is growing and also boosting the blockchain adoption. North America more specifically, is expected to be the biggest driver for the blockchain-powered devices because the businesses but also the individuals require better connectivity to private and public blockchains. As of this year, one of the biggest moves for the crypto adoption was the decision of the electronics giant Samsung to add a hardware wallet feature but also private key protection to its Samsung S10 models. The crypto payment option is connected to SamsungPay feature. Also, HTC as another electronics giant launched a new phone with support for the Exodus wallet. However, some of the biggest issues that the crypto hardware devices face are the bugs, exploits and security problems which are hard to overcome. Blockchain-powered technology also includes multiple smart devices or internet-of-things technology. For example, the auto industry opened its electronics for testing blockchain protocols including the VeChain and IOTA. Another trend for this year is the custodial services option which is mainly related to institutional investments which could boost the need for key protection devices and blockchain connections. As per some of the analysts whose researches we have read in our latest cryptocurrency news, the next few years could bring the usage of blockchain closer and will separate it from the producers and other experts. The consumers also have to know more about the network’s potential and features and learn some higher technical skills.
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