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Bitpoint suspends operations following $32 million crypto hack

As if to prove Donald Trump's claim that cryptocurrencies are made out of thin air, up to $32 million worth of untraceable digital assets have disappeared from Japanese exchange Bitpoint in a hot wallet hack.

Bitpoint has shut down its operations while it investigates the attack, which involved multiple alternative currencies, including XRP and bitcoin.

Bitpoint's customers are of out of pocket to the tune of $23 million, while Bitpoint owned the remaining third.

The exchange was among cryptocurrency operators ordered by Japan’s Financial Services Agency to improve internal controls following the 2018 hack of Coincheck, which saw $520 million worth of bitcoin stolen.

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Editorial | what does this mean?

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Comments: (1)

Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 12 July, 2019, 10:29

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This cryptocurrency exchange closures on the grounds of getting hacked is becoming a bit too frequent, if not too convenient. Is there a robust way to find out if the exchange was the victim of the hack as it claims or actually the perpetrator?