Japan crypto exchange loses $32 million of virtual money

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Japan crypto exchange loses $32 million of virtual money

The licensed crypto exchange platform has been hacked 32 million Dollars worth of crypto assets.

According to a Bloomberg update, the platform halted trading, withdrawal, and deposits on its platform after they realized that hackers had broken into one of their hot wallets and made away with $32 million worth of cryptocurrencies.

Major cryptocurrency exchange Mt. Gox was hacked and collapsed in Japan in 2014. There are five types of cryptocurrency that the company manages with hot wallet: Bitcoin (BTC), Bitcoin cash (BCH), Ethereal (ETH), Lightcoin (LTC), Ripple (XRP).

The FSA said that 110 exchanges are reportedly trying to get licenses in Japan and are in "various stages of registration".

The customers have lost approximately 2.5 billion yen ($23 million) and the exchange 1 billion ($9.2 million).

"We want to assure our customers that we are working round the clock to ascertain the cause and the identity of the illegal withdrawals to minimize damages."
The company will compensate customers for the losses.

The bad news was announced by the exchange's parent company Remixpoint which mentioned that the case reminds of the Coincheck hack that took place over a year ago.

The exchange also terminated services including "WEB trading site, BitPoint MT4 transactions, API and Smart API services, Store settlement services, BitPoint wallet app, and BitPoint LITE application". Theft occurred as a result of a hacker attack.

Bitpoint Japan was among six cryptocurrency exchange operators ordered by the financial watchdog a year ago to improve internal controls, including management of customers' assets. At the time, MtGox handled close to 80 percent of all Bitcoin BTC transactions in the world.

Japan has been relatively open to crypto currencies despite some high-profile heists. Even after the involvement of the agency, critics remain skeptical towards the security of crypto exchanges. Singapore-based Bitrue lost XRP and ADA tokens worth $5 million at the time of the theft, while Slovenia-based British exchange GateHub lost almost $10 million worth of XRP. The exchange's website cites the capital of JPY 4,430 billion (USD 41 million).

Communication between crypto exchanges is vital in fighting with this cumbersome vice that is increasing in frequency.

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