Published: Fri, July 12, 2019
Markets | By Otis Pena

Today $ 10 million was stolen from the BitPoint cryptocurrency exchange

Today $ 10 million was stolen from the BitPoint cryptocurrency exchange

"Bitpoint, one of licensed exchanges in Japan, got hacked today and supposedly have lost 10s of millions dollars worth of cryptocurrencies".

Bitpoint suspended all transactions, including trading, deposits and withdrawals of all crypto assets, on Friday morning.

It said the cryptocurrency went missing from a so-called "hot wallet", which is connected to the internet, but that currency held in "cold wallets" that are offline was not affected.

BITPoint Japan handles various virtual currencies, including bitcoin, ethereum and ripple.

Following the news of the hacking incident, Remixpoint shares dropped 19%.

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The Bitpoint hack comes after a series of major heists that took place in Japan over the years.

Without a doubt, the incessant hack of cryptocurrency exchanges has nearly become a menace that the crypto industry doesn't have a solution.

The majority of funds lost (approximately $23 million) belonged to customers, while the rest were owned by the exchange. Experts looking into the matter have come out to say the crypto exchange suffered the attack at around 10:39 pm on Thursday. Even after the involvement of the agency, critics remain skeptical towards the security of crypto exchanges.

Remixpoint said the firm was still analysing the loss and offered no further details. The correspondence system department etc. of Bitpoint Japan have started correspondence. These platforms in total lost more than $60 million to hackers. Singapore-based Bitrue lost XRP and ADA tokens worth $5 million at the time of the theft, while Slovenia-based British exchange GateHub lost almost $10 million worth of XRP.

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