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Cryptocurrency Exchange Hacked, Lost $32 Million


Japan-based cryptocurrency exchange Bitpoint has suspended all services in response to a $32 million hack. Of this $32 million, around $23 million belonged to customers and $9.2m to the exchange itself.

The hackers reportedly gained access to a hot wallet belonging to the exchange and managed to siphon off five cryptocurrencies with the other two being Litecoin, XRP, Bitcoin cash and Ether. Having $32 million worth of cryptocurrencies in hot wallet storage might seem to be foolhardy given the spate of attacks against online wallets owned exchanges. The company, however, assured traders that its cold wallet remains secure.

Following the attack, Bitpoint says it has halted all trading activities as well as deposits and withdrawals. The shares of Remixpoint, the company which owns Bitpoint exchange, dropped 19% as traders entered panic mode. Bitpoint joins the likes of Japanese exchanges Zaif and Coincheck, which both fell victim to hackers.

The latest attack means at least eight exchanges have now been subject to major hacks this year- the most recent being Singapore-based Bitrue, but the most-high profile undoubtedly being May’s $40m hack of Binance.

Also read: Bitcoin, Facebook’s Libra And Other Cryptocurrencies Aren’t Money: Donald Trump

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