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July 12, 2019

Bitpoint halts operations after $32m crypto hack

Japanese cryptocurrency exchange Bitpoint has suspended operations after losing $32m in a hack involving XRP, Bitcoin and other cryptocurrencies.

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The exchange, which is owned by Remixpoint, suspended all deposits and withdrawals to investigate the hack.

Hackers are believed to have stolen funds from hot and cold wallets of Bitpoint.

Cold wallets store emergency and long-term funds, while hot wallets store funds for present transactions.

The Japanese exchange said that hackers stole funds in five cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereal.

The exchange said it identified the hack due to errors in the remittance of Ripple funds to customers.

Of the total $32m that was stolen, $23m were customer funds while the remaining were funds owned by the exchange itself.

The exchange did not give clarity on whether it will refund customers.

Japan’s Financial Services Agency ordered cryptocurrency operators, including Bitpoint, to strengthen internal controls after the 2018 hack of Coincheck, in which hackers stole $520m worth of Bitcoin.

This May, Binance suspended withdrawals on the platform after hackers stole $41m worth of Bitcoin and other cryptocurrencies.

Last year, Japanese cryptocurrency exchange Zaif had fallen victim to hackers, who stole $60m. Of the stolen money, about $19.6m belonged to the exchange while the rest was client money.

 

 

 

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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