Japan-based BitPoint platform hacked for about $32 million

Posted 12 July, 2019

Japan-based licensed cryptocurrency exchange – BitPoint – has been hacked and suffered sufficient losses. The attack hit the platform in the early hours of July 12. The company has suspended all operations by now.

The community member wrote on Twitter:

"Bitpoint, one of the licensed exchanges in Japan, got hacked today and supposedly have lost 10s of millions dollars worth of cryptocurrencies. Gox incidents are nothing new but I'm afraid this may affect the regulation and make it even more strict in Japan. "

The company has already made a statement regarding the incident. However, it is unclear what cryptos have been stolen. The rumours that hackers could filch bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP. It is known that the exchange lost cryptocurrencies for about JPY 3.5 billion ($32 million). The company representative stated that some JPY 2.5 billion ($23 million) out of JPY 3.5 billion belonged to clients.

The in-house investigation discovered that hackers managed to withdraw funds via fraud actions.

For reference, Japan's Financial Service Agency has received about 110 applications for a crypto trading license. 

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