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21 October 2019

Bitpoint Hack Shows That Regulators’ Scrutiny Does Not Equal Safety

Bitpoint Hack Shows That Regulators’ Scrutiny Does Not Equal Safety


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Soon, an official announcement followed, revealing that the trading platform had lost around 3.5 billion yen (roughly $32 million) as a result of a security breach.

Further, over 28 million XRP (10 billion yen, or $92 million) and 11,169 ETH (3.3 billion yen, or $30 million were taken away by the hackers.

Later, on July 14, local English-language publication The Mainichi reported that Bitpoint has discovered over 250 million yen (around $2.3 million) in cryptocurrency on overseas exchanges that were using a trading system provided by Bitpoint Japan.

The exchange’s spokesperson reportedly told The Mainichi that the recent discovery brings the total sum of lost founds down from 3.5 billion yen (about $32 million) to 3.02 billion yen (approximately $28 million).

Genki Oda, founder and CEO of Bitpoint, told Cointelegraph that his platform is going to compensate its users, although without mentioning any specific time frame.

Additionally, Oda said it was in touch with fellow exchanges Binance and Huobi regarding the freezing of stolen funds that have allegedly ended up in their wallets following the security breach.

As for now, it seems safe to assume that the level of the FSA’s scrutiny does not necessarily correlate with the safety of the exchanges it oversees

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cointelegraph.com
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