However, BITPoint wasn’t alone as the world’s largest cryptocurrency exchange, Binance, was also attacked in May, despite having tough security systems. This hack was due to the lack of stringent security. However, they were hacked before any improvements could be deployed. It was given time till July 23, 2020, to prepare an improvement plan. BITPoint will reimburse its affected customers in crypto.īITPoint had previously faced administrative actions from Japan’s Financial Services Agency for not having effective internal control systems established for AML/CTF, user protection and system risk management. The hack left the it handicapped, with the exchange forcefully shutting down all its services. The exchange noted that the original hack was closer to “$28 million, while disclosing an additional $2 million stolen from other exchanges” that used BITPoint’s trading platform outside of Japan, bringing the total to $30 million. In July, a Japan-based cryptocurrency exchange, BITPoint, was hacked an incident where hackers stole $32 million in crypto-assets, including $23 million in users funds. The world of cryptocurrencies has seen hackers stay one step ahead, despite the fact that many entities have taken several security measures to prevent funds from being stolen. The cryptocurrency market has not been able to keep itself safe from activities like fraud, Ponzi schemes, scams, and hacks.
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