Japanese Crypto Exchange Loses $32 Million of Virtual Money

Bitpoint Crypto Cryptocurrency

Keeping your cryptocurrency at exchanges, unless you absolutely must do so, still isn't prudent.

Following the outbreak, the exchange owner Remixpoint Inc. shut down all its services and took a nineteen percent (19%) on its shares.

While the exchange offers to trade for five virtual currencies: Ripple (XRP), Litecoin, Bitcoin, Ether, and Bitcoin Cash, it is not yet clear what crypto assets suffered what percentage of thuggery.

The company said that 2.5 billion yen ($22.7 million) of stolen cryptos were owned by clients, while the rest belonged to Bitpoint. Regulation has also been structured around effective exchange performance, with the Financial Services Authority not curtailing performance and development.

In September 2018, Zaif, a licensed exchange under the Japanese Financial Services Agency (FSA) was hacked for $60 million in cryptocurrencies. The company had been making efforts to strengthen internal controls and business management practices and its period of submitting reports to the agency ended in June 2019. In the announcement following the event, Bitpoint revealed that the exchanged noticed a security breakthrough in which irregular withdrawals were made from its online wallets on Thursday.

Hacks on exchanges seem to have become the order of the day given the trend that has been exhibited of recent.

Japanese cryptocurrency exchange lost about $32 million in cryptocurrencies.

The reason for the losses, which include bitcoins as well as Ethereum, Ripple and other kinds of cryptocurrencies, is under investigation.

Since funds are usually transferred from one exchange to another during hacking, establishing excellent communication will be vital in fighting this vice.

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