Around 2.5 billion yen worth of the missing currency was customer funds, with the rest owned by the firm. Remixpoint has clarified that it will be compensating those customers who have lost their funds.
Without a doubt, the incessant hack of cryptocurrency exchanges has nearly become a menace that the crypto industry doesn't have a solution.
Based on its initial investigations, Bitpoint said that the hack, which was detected on the night of July 11, affected its hot wallet, not the cold wallet. At this stage, it is not yet known what types of assets have been lost: the exchange trades five types of cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP. The company suspended all transactions and services involving digital currencies in the morning. It is not clear at this point as to when Bitpoint will resume operations once again. The year before the agency had approved 16 new exchanges.
Prior to this time, Japan Financial Services had asked Bitpoint and other exchanges to improve internal controls before the order was lifted in June.
Just last month two exchanges were hacked. So it didn't take long for bad actors to get into the scene and cripple Bitpoint once again.
Japan has been getting hits from hackers recently and has reported cases of hacking a couple of times this year already. A Boomberg report added that XRP was one of the major cryptocurrencies involved in the theft of about 2.5 billion yen in customer funds.
Coincheck's $530 million loss remains the industry's record-breaking crypto-exchange hack, but the $40 million theft in bitcoins from world-leading exchange Binance in May served as a dramatic reminder that even those exchanges with hitherto lofty standards of security remain vulnerable.