BitPoint Cryptocurrency Exchange Loses Over $32 Million Following Latest Hack

Japanese cryptocurrency exchange, BitPoint has been the latest crypto exchange to be attacked by hackers. The company confirmed this after previously halting all withdrawals and deposits. Withdrawals and deposits now remain closed to all users indefinitely. BitPoint further confirmed that the hackers made away with around $32 million with $23 million belonging to its customers. With the exchange currently only offering trades for Bitcoin, XRP, Ethereum, Litecoin, and Bitcoin Cash, its presumed all five cryptos have been hit.

So far in 2019, there have been several attacks with hackers making out with millions of crypto. This remains a huge menace in the industry with involved parties continuing to look for ways to improve security. The occurrence in Japanese exchanges is also becoming popular with another exchange being attacked towards the end of last year. Zaif, a licensed exchange under the Japanese Financial Services Agency, was hacked in September. Zaif lost over $60 million worth crypto stolen.

Investors Continue To Show Maturity Even As BitPoint Is Attacked

The latest attack is expected to deter investors from trading cryptocurrencies. But, as far as prices go, they have not reacted. In previous months, thieves making away with crypto investment has seen prices plummet but it is clear that the market is now maturing. As we have reported, not only has the market suffered from the hack but has also been hit by harsh remarks by U.S President Donald Trump.

Market Update: Tom Lee Talks About Recent Market Crash

As the market continues to recover from its recent dip and analysts try to explain what was the cause, Tom Lee has had his say. He for one believes that the drop was triggered by the Fed’s Chairman, Jerome Powell attack on Facebook’s Libra. The famous analysts and Bitcoin evangelist, has made a statement saying the drop was to some degree necessary.

“Important to step back and focus on the bigger picture and long-term frames on #bitcoin

-painful $2k drop in past day, partially due to federal reserve Powell comments @facebook #Libra

– drop invisible on weekly timeframe

Crypto winter over”

The weekends have offered the crypto market several chances to soar and for many holders, they hope that today's moderate gains can extend into the weekend and see prices get back to recent highs.