Economy

Bitpoint exchange loses $32 million worth of cryptocurrency in hot wallet hack

Bitpoint exchange loses $32 million worth of cryptocurrency in hot wallet hack

The exchange lost $32 million worth of cryptocurrency in a hack. The company will compensate customers for the losses.

The hacks have prompted greater oversight of crypto exchanges by Japan's Financial Services Agency but critics says security gaps remain.

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

It is not yet clear at this stage which types of assets were lost, the exchange offered trading for five cryptocurrencies: bitcoin, bitcoin cash, ether, litecoin and XRP. Bitpoint's official announcement said the exchange's cold wallets were not affected. At the time, MtGox handled close to 80 percent of all Bitcoin BTC transactions in the world.

More news: Astronomers just spotted two supermassive black holes on a collision course

One of the major cryptocurrency exchange platforms in Japan, Bitpoint, announced on July 12 that they were hacked and that there was a fraudulent outflow of virtual currency. The year before the agency had approved 16 new exchanges.

Along with BitFlyer, QUOINE, BitBank and BTCBox, Bitpoint was ordered to improve measures against money laundering and enhance auditing and user-protection systems. The exchange's website cites the capital of JPY 4,430 billion (USD 41 million).

The vulnerability was detected in the hot wallet. Bad actors have stolen as much as $1.2 billion in the first quarter of 2019 through cryptocurrency scams, theft from exchanges, fraud, and misappropriation of funds. By establishing a good communication line between themselves, crypto exchanges will be able to trace, freeze, and stop suspicious transactions that are on the move. The four crypto exchange are Upbit, Korbit, Coinone, and Bithumb. Please do your "very own" market research before making any investment in cryptocurrencies.


  • Former Springboks pay tribute to James Small

    Former Springboks pay tribute to James Small

    The South African government and members of the country's rugby fraternity took to social media to mourn the death of Small. Meanwhile, fellow World Cup-winner Chester Williams accused Small of racial abuse while the pair were teammates.
    House panel authorizes subpoenas for Jared Kushner, Trump officials

    House panel authorizes subpoenas for Jared Kushner, Trump officials

    But a third source told Reuters that the former Mueller team members were still negotiating with the committees. He also cited Justice Department guidelines that say a sitting president can not be indicted.
    Google adds 60 more languages along with other updates in Google Translate

    Google adds 60 more languages along with other updates in Google Translate

    The new feature will be a boon to foreigners visiting Vietnam since a majority of the population does not speak English fluently. But now, AI mode will automatically detect the language you are viewing and translate it into the language of your choice.
  • Novak Djokovic overcomes plucky Bautista Agut to reach Wimbledon final

    Novak Djokovic overcomes plucky Bautista Agut to reach Wimbledon final

    In terms of head-to-head in Wimbledon , Nadal and Federer have faced each other thrice, with Federer keeping a 2-1 advantage. Bautista Agut thought little of his chances of making it this far at Wimbledon, arranging his stag do for this week.
    Call of Duty: Modern Warfare unveils 2v2 Gunfight multiplayer

    Call of Duty: Modern Warfare unveils 2v2 Gunfight multiplayer

    Players face off against each other over multiple rounds, and the first team to take down six rounds wins the whole match. This flag must then be captured within a further ten seconds, before the decision goes to which team has the most health.
    Google employees are listening in

    Google employees are listening in

    Google is also reviewing the policies it has in place for its transcribers "to prevent misconduct like this from happening again". Google product manager David Monsees acknowledged the leak in a blog post , and said the company is investigating the breach.
  • Japanese probe makes successful touchdown on asteroid

    Japanese probe makes successful touchdown on asteroid

    According to scientists, Ryugu is a rubble-pile asteroid: A collection of rocks and dust held together loosely by gravity. The Hayabusa2 mission was launched in December 2014, and has a price tag of around 30 billion yen ($270 million).
    Amazon Prime Day: Avoid these deals and items, experts say

    Amazon Prime Day: Avoid these deals and items, experts say

    It can help you see if you're really getting the lowest price or if the item tends to be cheaper during other times of the year. Globally it was the biggest day of sales in Amazon's history, and Amazon Prime Day 2019 is going to be even bigger.
    Disney cancels film premiere following death of Cameron Boyce

    Disney cancels film premiere following death of Cameron Boyce

    On Instagram , where Boyce had more than 8 million followers, " Descendants " director Kenny Ortega remembered the young star. Boyce was a longtime advocate for the non-profit organization, which raises awareness about the global water crisis.
  • Thursday's Tour stage favours Egan Bernal, says Geraint Thomas

    Thursday's Tour stage favours Egan Bernal, says Geraint Thomas

    You can't really tell a lot from the last few days - obviously Alaphilippe is flying up those type of climbs. On stage 6 he showed his talents with a day-long break and second place behind Dylan Teuns (Bahrain Merida).
    Barcelona confirm $135 mln signing of World Cup-winner Antoine Griezmann

    Barcelona confirm $135 mln signing of World Cup-winner Antoine Griezmann

    Griezmann had been heavily linked with a move to Barca last summer but ended up signing a new contact with Atletico until 2023. Griezmann's contract with Barca will have a buyout clause of €800m, the Spanish champions added in a statement.
    Valve looks to tackle discoverability issues with Steam Labs

    Valve looks to tackle discoverability issues with Steam Labs

    Interactive, how so? Well, Steam's Interactive Recommender won't exclusively rely on tags and reviews to suggest games. The automatically generated video is 30 minutes and features the latest Steam launches, all in separate categories.