Cryptocurrency stock exchange gets hacked in Japan

Cryptocurrency stock exchange gets hacked in Japan

July 25, 2019 Off By admin

"28 million euros hacked on the Tokyo cryptocurrency exchange."

What was the surprise of the firm that manages the crypto-exchange company BitPoint: nearly three point five (3.5) billion yen were stolen from the digital box, amounting to nearly 28 million euros. The company stopped its activities since the hacking was discovered.

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How did this happen and who is responsible for it?

The cyber attack took place during a transfer of funds, which came out of the company favored the fact that the crypto currency has soared.

A system error is mainly the cause of this fraudulent transfer of funds. Apparently, it was through an internet-connected wallet that the hackers achieved their feat; to break into the system and steal digital currencies.

On the balance sheet, it should be noted that 2.5 billion yen belonged to clients of the firm.

"Cryptocurrency piracy could involve the various virtual currencies managed by the company. Among them: Bitcoin, Ethereum or Ripple. »

"While Remix Point is still analyzing the loss following the incident, it has already announced that affected customers will be compensated. In fact, $2.5 billion of the 3.5 billion stolen was owned by customers. »

The rest of the stolen funds belonged to the victim company, which saw its shares lose 20% immediately after the attack and its speaking.

"In Japan, this event is not the first cryptocurrency theft. Already last year, Coincheck was hacked in Japan, wiping out more than $500 million worth of digital currency. In 2017, two hacks directly forced Youbit to file for bankruptcy. In this country open to cryptocurrencies, hacking seems to be common, despite the use of the blockchain. »

On this list, one could recall the theft of six (6) people in June from Cryptomonnaie worth 24 million euros The team, composed of five (5) men and one (1) woman, was dispatched to several cities in the United Kingdom as well as the Netherlands, Amsterdam and Rotterdam. According to Europol, the thugs used the technique called 'typosquatting' and thus reproduced identically the web page of a popular crypto-stock to steal the identifiers of their victims and access their crypto-wallets.

"The merry-go-round would have lasted more than a year, allowing the scammers to amass an estimated 24 million euros in loot. In early June, Europol announced a "Serious Game" that will provide hands-on training and advice to agents on how to trace suspicious cryptocurrency transactions. ».

To conclude, cryptocurrencies despite their strong potential and credibility, there is always a flaw in the system that will allow the hacker to upset the stability of its technologies of the future.

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