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Japanese Exchange Admits To Hack; Loss Of $32 Million

16 Jul 2019

A Japanese cryptocurrency exchange has announced that they were the victims of a hack which left them with a loss of nearly 3.5 billion yen or $32 million of cryptocurrency.The exchange, Bitpoint, which is also into travel, used car and energy businesses apologized on Friday and confirmed that the losses were first discovered on Thursday. News portal TIME stated that the reason for the losses, which included bitcoins as well as Ethereum, Ripple and other kinds of cryptocurrencies, was currently under investigation.The company, in a statement, stated that about two-thirds of the losses affected customers while the rest of the missing assets belonged to Remixpoint. For the time being all transactions have been halted, the news portal quoted the company as saying.While Japan has been at the forefront of bringing about stringent but fair rules for cryptocurrency trading, the dangers of exchanges been hacked remain a very valid fear, despite that.In March this year, the Japanese financial regulator Financial Services Agency (FSA) had approved two cryptocurrency exchanges, out of 23 that had applied for registration. At the time, FSA had said, “The number of entities which have expressed interest in market entry as virtual currency operators in Japan (Including preliminary consultation/inquiries regarding registration) is more than 140 since last March.” The regulatory body added, “Among 23 entities from which FSA has actually received questionnaire … seven entities are under the main evaluation process as of this March.”Out of those seven only, two, namely- Rakuten Wallet and Decurret have been registered so far. As earlier reported by Crypto-News India, Rakuten acquired Everybody’s Bitcoin in August last year for 265 million yen (around $2.4 million, which amounts to 17 crore 20 lakh rupees). Interestingly, Everybody’s Bitcoin changed to Rakuten in March this year.Hopefully Bitpoint will be able to provide an update on the situation very soon.Liked what you read? Join us on Telegram

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