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.
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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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