Blockchain

Bitpoint Hacked for $32 Million, Another Example of Crypto’s Volatility

Bitpoint Hacked for $32 Million, Another Example of Crypto’s VolatilityBitpoint Hacked for $32 Million, Another Example of Crypto’s Volatility

A Tokyo-based cryptocurrency exchange called Bitpoint has suspended operations after it lost $32 million to a hacking last night.

The company that runs the exchange, Remixpoint, discovered that ¥3.5 billion worth of various digital currencies had disappeared under its management.

Bitpoint Hacked and Suspends Operations

According to the exchange, the funds went missing from a hot wallet (a wallet connected to the internet), but other funds held in cold wallets or offline haven’t been affected. The hacking was brought to light when an error appeared in the exchange’s outgoing funds transfer system.

Roughly ¥2.5 billion worth of the missing currency is owned by its customers; the rest is owned by the firm. The company has said it will compensate the customers for the loss. Soon after the announcement, shares in Remixpoint plunged almost 20%.

Though we know the amount taken, Bitpoint has not detailed what exact virtual coins were stolen; however, it holds various cryptos including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).

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