Bloomberg reported that Japanese cryptocurrency exchange Bitpoint suspended all services after losing about 3.5 billion yen ($32 million) in a hack that involved Ripple and other cryptocurrencies.
The exchange, which is owned by Remixpoint Inc, reported that about 2.5 billion yen of stolen funds belonged to customers, while Bitpoint owned the rest.
The exchange parent company, Remixpoint shares plunged 19% to their daily lower limit, and were untraded in Tokyo as of 1:44 p.m. on a glut of sell orders.
The funds were stolen from a hot wallet that contained five cryptocurrencies including Bitcoin and Bitcoin Cash.
After the 2018 Coincheck hack, The exchange was among cryptocurrency operators ordered by Japan’s Financial Services Agency to improve internal controls.
We repeat our previous warnings to cryptocurrency holders to withdraw their funds out of hot wallets as soon as possible. It has been proven time and again that exchanges and hot wallets are not safe places to keep your Bitcoin or other cryptocurrencies.
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