Thieves siphon 3.5 billion yen from Tokyo crypto exchange:The Asahi Shimbun

Japanese Cryptocurrency Exchange Hacked $32 Million Worth of Virtual Money Lost

Japanese Cryptocurrency Exchange Hacked $32 Million Worth of Virtual Money Lost

A year ago too, Zaif, another Japanese exchange lost $60 million to hackers.

If there is any country in this world where you should be anxious about storing your cryptocurrency, it is Japan.

Cryptocurrency exchange operator Bitpoint Japan Co. said Friday roughly 3.5 billion yen ($32 million) worth of digital currencies has been stolen from its online system, leading the company to suspend all transactions and services. This time, "crypto pirates' have hit the country of the rising sun".

Both exchanges were forced by Japan's financial regulators to pay back customers after their hacks. According to research, the total amount of crypto assets that have been siphoned from crypto exchanges since inception stands at about 1.4 billion United States dollars.

In an assuring statement, the company said, "To prevent any harm to customer assets, we will handle this responsibly, for example in terms of compensation from Bitpoint".

Japan's Financial Services Agency had issued an operational improvement order to Bitpoint previous year. The order was lifted at the end of last month. Thus, the recent hack might represent another reason for the FSA to tighten regulation over the local crypto market.

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. The licensed crypto exchange platform has been hacked 32 million United States dollars worth of crypto assets.

Japan has been relatively open to cryptocurrencies, which use a technology called blockchain, despite some high-profile heists. Share your thoughts in the comments section!

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