Japan cryptocurrency exchange loses $32 million of virtual money

Bitcoin BTC

As a result of the theft, Bitpoint has completely suspended its services.

For comparison, the total loss from cryptocurrency thefts and scams a year ago came in at $1.7 billion, so we are on track to see a massive spike in that number in 2019.

Parent company Remixpoint said that $23 million of the stolen funds belonged to Bitpoint customers, while the remainder belonged to the exchange itself. On trying to confirm the state of things, it noticed that truly, XRP was pilfering through the system.

"We are working hard to get to the bottom of the incident, specify the exact amount that has been lost and take measures to keep the damage to a minimum", Remixpoint said. However, its cold wallets were not tampered with. The discontinuation of services is in a bid to minimize losses.

Japan recently revised its laws to bring more clarity and impose stricter controls over cryptocurrencies.

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Currently, the total crypto market cap is over $318 billion.

Nonetheless, the same unaffected response was evident when Binance, one of the world's top cryptocurrency exchanges washacked on May 7, 2019. The hackers withdrew 7,000 Bitcoin, valuing approximately $40 million Dollars at the time. Even after the involvement of the agency, critics remain skeptical towards the security of crypto exchanges.

Its major shareholder is the mentioned Remix Point Co., Ltd, a Japan-based company engaged, besides their crypto exchange, in software development, energy-related business, and automotive business. The order was lifted in June and clearly has not been enough to thwart the threat of cyber incursions.

Earlier this week Poland's largest crypto exchange, BitMarket, declared bankruptcy as hacking speculation circulated and late last month Singapore based Bitrue was hacked for over $4.5 million in XRP.

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