Home Tech News Bitpoint cryptocurrency exchange loses $32 million in hack

Bitpoint cryptocurrency exchange loses $32 million in hack

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Japan’s Bitpoint is the latest cryptocurrency exchange to be hit by a hack targeting its holdings; the exchange says around 3.5 billion yen ($32 million) of funds were stolen, with 2.5 billion yen of that belonging to customers. The hot wallet involved in the hack contained five cryptocurrencies, including bitcoin, Bitcoin Cash, and Ripple, according to Bloomberg.

Bitpoint has responded by suspending all services, including withdrawal, trading, and deposit. The company says it hasn’t detected any irregular activity or missing funds affecting cold wallets (those that aren’t connected to the internet).

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Bitpoint’s problems come more than a year after hackers made off with $400 million from Coincheck, one of Japan’s largest cryptocurrency exchanges. The country’s financial authorities ordered exchanges to take precautions and bolster their security controls after that ordeal, says Bloomberg.

Customers received an email alerting them that Bitpoint would cease services as it investigates the matter.

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