Economy

Japanese Crypto Exchange Loses $32 Million of Virtual Money

Japanese Crypto Exchange Loses $32 Million of Virtual Money

Japan has experienced another cryptocurrency exchange hacking this year, perhaps the first of the year's second half.

Remixpoint shares listed on the Tokyo Stock Exchange, dropped as much as 19%.

The hackers were reported to have carted away about 2.5 billion yen, customers funds, and about a billion yen which belonged to the cryptocurrency exchange, Bitpoint itself.

Although it's not yet clear at the moment which types of assets were siphoned, the crypto exchange is said to have lost about 2.5 billion Yen (25 million USD) from customer accounts and 1 billion Yen (9.2 million USD) from the exchange's deposit account.

It is worth noting that Bitpoint received an operational improvement order from Japan's Financial Services Agency following the 2018 hack of Coincheck. 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.

Bitcoin has been a legal form of payment in Japan since April 2017, with the country relatively open to cryptocurrencies.

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Along with BitFlyer, QUOINE, BitBank and BTCBox, Bitpoint was ordered to improve measures against money laundering and enhance auditing and user-protection systems.

The security of Japanese crypto exchange BitPoint has been compromised, the firm announced earlier Friday.

The funds were stolen from a hot wallet - a bitcoin wallet that is online and connected to the Internet - that contained five cryptocurrencies including bitcoin and Bitcoin Cash.

How can Crypto Exchanges Protect Customer Assets Against Hacks?

As of now, it was unclear when the Bitpoint Exchange would resume operations, for now they will remain suspended until further notice. Please do your "very own" market research before making any investment in cryptocurrencies.

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