32 Million Dollars 'Evaporated' in the Hack of Bitpoint

This updated guide examines 32 Million Dollars 'Evaporated' in the Hack of Bitpoint and organizes the essential facts, background, and practical takeaways in clear American English.

Responsible-use note: Apply security techniques only to systems you own or are explicitly authorized to test.

Bitpoint executives said about 3.5 billion yen ($ 32 million) of electronic money was stolen, including two-thirds (2.5 billion yen, equivalent to customers. This is the number. The damage is not small, even for a large exchange like Bitpoint.

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Bitpoint is one of the largest electronic money exchanges in Japan

In addition, according to a Bloomberg report, the hot wallet relates to the hack containing five different electronic currencies, in particular, bitcoin, Bitcoin Cash and Ripple. To fix the infrastructure after the attack, Bitpoint's interim measure is to suspend all current services, including withdrawals, transactions and deposits. This exchange was almost completely frozen.

Bitpoint's security team said it did not detect any unusual activity or money loss cases that occurred for cold wallets (this is an offline wallet, not connected to the internet).

• Hacker earned $ 32,000 in 7 weeks by fixing a series of gaps in e-money projects

This attack did not cause too much surprise because it was anticipated by some security experts. The problems on Bitpoint's platform have appeared more than a year after the search hacker visited Coincheck, one of Japan's largest electronic currency exchanges, and took away $ 400 million. However, Bitpoint is said to be too subjective.

Immediately after the incident of Bitpoint, security officials as well as the economic management agency in Japan have voiced the demand for electronic currency trading facilities based in this country to take precautions and strengthen. more security control activities on its platform, to maximize investor protection, while avoiding negative impacts on the financial sector after each attack.

• US $ 1.7 billion of electronic money was beaten by hackers in 2018

This attack did not cause too much surprise

Currently Bitpoint has sent email to related customers, informed them about the details of the case and promises to provide investigation results as soon as possible. Bitpoint temporarily stopped deploying the entire service when investigating the problem. Until the investigation is complete.