The data security measures of Bitpoint, a Japan-based crypto trading platform provider, come under serious scrutiny following a massive crypto scam that cost the company a mighty thirty-two million dollars ($32 million) loss.
The investigation on the unnerving hack involving theft of significant amounts of Ripple (XRP), Bitcoin (BTC), Litecoin (LTC) and other prominent currencies, unveiled that the exchange lost nearly twenty-three million dollars ($23 million) of user money and one billion dollars ($1 billion) of its own.
It has come to light that the theft attacked a Bitcoin wallet, stored online, comprising of five cryptocurrencies. Meanwhile, the company’s offline wallet remain untampered.
Following the outbreak, the exchange owner Remixpoint Inc. shut down all its services and took a nineteen percent (19%) on its shares. Moreover, the shares were untraded in Tokyo owing to heavy sell orders.
Japan – a hack prone country?
Unfortunately, for a country forged on avant-garde technological innovations, Japan has witnessed a huge swell in cryptocurrency hacking scams in the recent past.
While the last year’s attack on Zaif, a fully-regulated cryptocurrency exchange platform from Japan, resulted in cryptocurrencies damage worth sixty million dollars ($60 million).
Coincheck, a popular Japanse Bitcoin wallet, suffered a devastating blow in the wake of a crypto theft worth five hundred and twenty million dollars ($520 million).