Japan cryptocurrency exchange loses $32 million of virtual money

Bitpoint Crypto Cryptocurrency

Tokyo-based cryptocurrency exchange Bitpoint suspended all services after losing about ¥3.5 billion in a hack that involved Ripple and other cryptocurrencies.

The exchange's parent company Remixpoint Inc. said in an announcement that $23 million of the illegal outflow belonged to its customers.

A Google Translated version of Bitpoint's note informing customers that operations have ceased.

The investigation on the unnerving hack involving theft of significant amounts of Ripple (XRP), Bitcoin (BTC), Litecoin (LTC) and other prominent currencies, unveiled that the exchange lost almost twenty-three million dollars ($23 million) of user money and one billion dollars ($1 billion) of its own. The crypto exchange reported that it has not discovered any funds missing from cold wallets.

Meanwhile, the report was quick to acknowledge that although Bitpoint holds an operating license in Japan, the exchange was one of the many cautioned a year ago by the Financial Services Agency (FSA) to improve their internal controls. Markets did not even blip when Binance, the world's largest exchange, announced it had lost around $40 million in a hack in May.

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Further investigation of the hack led Bitpoint to the revelation that Ripple wasn't the only cryptocurrency being targeted.

"Today, we have stopped the remittance (sending) and receiving (depositing) services from 6:30, but we will stop all services including transactions and sending and receiving from around 10:30", BitPoint noted.

Prior to that, on June 6, crypto exchange GateHub was also a victim of a hack whereby almost $10 million worth of Ripple (XRP) was stolen. The order was lifted at the end of last month. The hack resulted in the loss of crypto assets worth 500 million Dollars at the time. The attack led to the loss of five cryptocurrencies.

The move followed one of the largest hacks in crypto history when Coincheck was plundered for over $530 million in NEM tokens early a year ago. The regulator wasn't satisfied with the company's internal control.

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