$32 Million Hack Hits Japanese Crypto Exchange Bitpoint

$32 Million Hack Hits Japanese Crypto Exchange Bitpoint

$32 Million Hack Hits Japanese Crypto Exchange Bitpoint

Bitpoint, a Japanese crypto exchange suspended all services after losing $32 million in a hack involving XRP, Bitcoin (BTC) and other cryptocurrencies.

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In an official announcement on July 12th, Bitpoint revealed that it had lost around 3.5 billion yen (~$32 million) 2.5 billion yen (~$23 million) of which belonged to customers and 1 billion (~$9.2 million) to the exchange.

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According to Bloomberg, shares of Bitpoint’s parent firm Remixpoint Inc. shed 19% following news of the incident.

Apart from XRP and Bitcoin, other cryptocurrencies that had been stored in the affected hot wallets include Litecoin (LTC) and Ether (ETH).

Bitpoint’s announcement indicates that the exchange’s cold wallets are not reportedly thought to have been compromised.

Bitpoint is on record as one of the multiple domestic crypto exchanges to have been served a business improvement order from Japan’s financial regulator, the Financial Service Agency (FSA).

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