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Japanese Hackers Steal $32 Million In Crypto From Bitpoint Exchange

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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

Etoro CEO Yoni Assia Will Join The $4.5 Million Lunch With Warren Buffett

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Etoro CEO Yoni Assia will be joining the $4.5 million lunch with Warren  Buffet and Justin Sun. the crypto power lunch now has another person who should enrich the conversation between the businessmen and we are reading more about it in the latest cryptocurrency news below. Etoro CEO Yoni Assia tweeted:
 ‘’Would love to join as well ! I believe there is huge potential for social impact that can be done via #Crypto and would love to have @WarrenBuffett engaged with us !’’
With his major experience in the finances and business, Assia brings a whole lot of the table. The Israeli investor and businessman revolutionized the world of trading with his platform because he got to millions of users closer to the financial markets with the social trading strategies. Etoro has managed to raise more than $800 million in investments. Another guest that will be joining the lunch is the head of the Binance charity Foundation-Helen Hai. So far, Justin Sun invited the Huobi CEO Livio Weng, Litecoin’s creator Charlie Lee. Circle’s Jeremey Allaire and Binance’s Changpeng Zhao. The only person who declined to go to the lunch is Changpeng Zhao saying that New York is too far but he recommended inviting Anthony Pompliano instead. Many argued that Sun made a great decision when he chose his companions but others criticize the excess of people that come from the trading world and also that there are no Bitcoin advocates here. It is also weird that the people who are invited are an only crypto evangelist who could lead Buffet not to find any common ground on the subject on the crypto ecosystem. Some even believe that it would be a great idea to invite some institutional investors as well. Some of the names that were proposed by the community include Tony Vays, Andreas Antonopoulos and Vitalik Buterin. There is still a chance that Sun could invite these people but so far, nothing. As noted in the altcoin news before, the subject of conversation during the meal is still not set. It is expected that much of the discussion will revolve around business associated with the speculation of digital assets and the crypto markets security.
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Coinbase Closes Its Bundle Product After 8 Months On The Market

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Coinbase closes its Bundle project after being available for 8 months on the market after allegedly figuring out that it is the end of the altseason. More about their decision, we read in the coming altcoin news below. The altseason appears to be over and nobody is sure if it’s ever coming back. Coinbase reportedly got the message very fast and decided to bin its diversified crypto-bundle product. A FAQ from the company reads:
‘’Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Conibase Bundle have been redistributed to their respective individual asset wallets.’’
Coinbase Bundles were meant to provide the investors with a diversified digital asset portfolio which could be dollar-cost averaged by using the same tactic that the investors use in traditional asset classes. Investors could also spend up to $25 to purchase a bundle of five cryptocurrencies which were easily balanced in proportion to their own market cap. For example, Litecoin, Ethereum Classic, Ethereum, and Bitcoin comprised each bundle. In a combination with Coinbase Learn and Asset Pages, the bundles were meant to look good for crypto newbies that are aiming for the dollar cost average into some long positions without having to conduct a huge amount of technical analysis. When it was first introduced in 2018 in September, Coinbase noted:
‘’The vision of an open financial system depends on people’s ability to understand, explore, and choose cryptocurrencies. We expect that millions of people will make their first cryptocurrency purchase in the coming years. But all too often, getting started can be overwhelming for people learning about crypto for the first time.’’
Now, after 8 months, Coinbase closes the Bundle project and this decision is bound to draw some criticism but maybe pleasure as well from those who dislike the company. It could be a very smart move to bin the product since the altcoins have been crashing recently as bitcoin corrected and managed to get on the rallying track. As noted in the latest cryptocurrency news, the cancellation of the Coinbase Bundle product could add some credibility to the argument that the diversification does not always work for crypto despite the sector being too volatile or calm.
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Global Accounting Firm KPMG Partners With Microsoft To Develop Blockchain

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The multinational and global accounting firm KPMG has recently partnered with the software firms TOMIA, Microsoft and R3 to develop a blockchain for telecom settlements. Known as one of the "big four" accounting firms in our altcoin news, KPMG has pursued the industry specific blockchain pilots in the past and has always had an eye for settling cross border or network complexities. The latest partnership of the global accounting firm with two distributed industry leaders, one of which is Microsoft and the other is R3 - is featured and continues to be the vein of resolving the issues that arise from multi-party connections. More specifically, KPMG is looking to address the hard data issues that will arise from the 5G connectivity. As many best cryptocurrency news sites noted, the global accounting firm said tha “international mobile data roaming revenues are expected to reach $31 billion in 2022, with an average annual growth rate of eight percent.” The Blockchain Leader at KMPG, Arun Ghosh, also addressed the following in a blog post:
“While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”
The blockchain being piloted by KMPG, Microsoft and R3 is definitely a hot topic and aims to reduce the future costs, number of disputes and time involved in telecom settlements caused by “billions of mobile interactions flow[ing] through hundreds of connected networks managed by dozens of customers and suppliers.” However, it is not just future costs that the business partnership wants to solve. On the table are also current inefficiencies in the markets such as settlements and reconciliations which are currently handled manually and can take a month to be completed, Ghosh said. Currently, he said, a huge amount of data is generated around mobile devices. However, it goes a long way to know the conditions of a user's contract and their billing information - which must be authenticated by at least two parties if cross-service operations occur. Before the blockchain initiative, the global accounting firm KMPG had advised telecom operators on capital-efficient deployment of 5G networks, cyber security, privacy and data protection - all of which was featured in our coming altcoin news.
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Japan Will Create International Crypto Infrastructure Better Than SWIFT

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Japan will create an international payment infrastructure for cryptocurrency transactions which will be similar to SWIFT and maybe even better. The project is a part of the massive push forward towards the crypto adoption and in the latest cryptocurrency news today we take a closer look at the project. While there are no many details about this project, there are some indications that the Financial Action Task Force is collaborating with the Japanese authorities on the project. The idea came into effect because of Facebook’s entry into the crypto scene with the Libra crypto project which could make a huge mess on a global scale. According to Reuters, an anonymous person stated that the Japanese authorities are trying to create a cross-border network for crypto transactions just as the SWIFT which is used by banks. Japan is one of the places in the world that it appears to be in front of everyone in technology development since the reports also show that the FATF is monitoring the development and plan to get other major economies involved. The FATF approved the plans for the new international crypto infrastructure network after the finance ministry proposed the idea. The source also revealed that the project could easily be up and running in the next couple of years. Japan is not the only country looking to develop blockchain-based infrastructure and Iran is also developing a new banking system that could run on the blockchain. The central bank of the country is working with a local tech startup on a project named Borna which will be built using the Hyperledger Fabric implementation created by the Linux Foundation. Japan will create a new system in order to combat money laundering and will use the anti-money laundering and know your customer protocols. The Financial Services Agency which is the regulatory watchdog of the country has taken many steps to sanitize the crypto scene and Japan quickly became the first nation in 2017 to create regulations for crypto exchanges. Some inside sources say that the FATF and FSA are working very closely on the project because they are concentrated to gain the approval of the intergovernmental FATF with regard to the AML procedure. The FATF is also aiming to regularize the AML laws in order to govern cryptocurrencies globally as noted in the coming altcoin news reports.
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