logo

Bitpoint takes a $32 million hit in potential hack

hacker 4031973 1280

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).

Manasee Joshi

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.

Related News

Hot Stories

Polkadot price analysis: DOT turns bearish again after pulling back up to $5.35, what’s next?
Bitcoin, Binance Coin, Polygon, and Litecoin Daily Price Analyses – 1 December Morning Prediction
Uniswap price analysis: Price progresses to $5.82 level as a result of bullish run
Here's why is Telegram building a crypto wallet and exchange
Top Cryptocurrencies to Invest In December: Chainlink (LINK), Cardano (ADA), and Orbeon Protocol (ORBN)

Follow Us

Industry News

OpenSea ends 2022 with major partnerships and $1B in NFT royalties
Dealbook interview: New York Times continues to defend SBF & FTX collapse
Terra’s Do Kwon former colleagues targeted by the  latest arrest warrant
Sam Bankman-Fried first ever interview after FTX collapse
PoW crypto mining banned by NY governor: Will mining become extinct? 

Add Your Heading Text Here