Bitpoint Update Shows Another $2.3 Million Of Crypto Is Missing

Bitpoint update on the hack that occurred shows that another $2.3 million of cryptocurrency is missing. The company made the new announcement earlier today so we read more about it in the latest cryptocurrency news below.

After the high profile hacking of the Japanese exchange, the company announced the news that more money is missing. As it wasn’t bad enough to have more than $32 million of crypto stolen by the hackers, Bitpoint update shows that the exchange lost an additional $2.3 million which is still unclear how. The funds were discovered missing from exchanges that are based outside of Japan but that still use Bitpoint’s trading system. The Japanese exchange reported that the hackers stole more than $22.7 million of the clients’ funds whilst the rest was from the exchange’s reserves. The operator suspended all transactions and services and has still yet to resume operations.

In what could be considered as a positive thing, Bitpoint announced yesterday that the value of the hack was now estimated at a total of 3.05 billion yen but it still unclear whether this is because of the reassessment of the funds missing or simply because of the overall drop in prices during the weekend. The hot wallet of the exchange which was targeted by the hack attack holds bitcoin, Ethereum, Litecoin and Bitcoin cash and all of these cryptocurrencies dropped in price since the attack.

As mentioned previously in the altcoin news, third of the crypto frauds and hacks occurred in Japan. These account up to a massive $920 million of the total $2.7 billion stolen around the world over the past eight years without taking the latest Bitpoint attack into account. The Japanese Financial Services Authority has an inspection from the Financial Action Task Force in the upcoming days and they are desperately trying to impress them. After the CoinCheck attack in 2018, the regulator increased the guidelines but stated they are not willing to regulate excessively. However, it will be very interesting to see how the things will turn around with the upcoming FSA inspections which hopefully will improve the situation and bring some calm on the Japanese market.