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Bitpoint takes a $32 million hit in potential hack

TL;DR

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).

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Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

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