Bitpoint Crypto Exchange Trading Platform Resumes Regular Operations After Last Month’s Hack

  • It is estimated that Bitpoint lost a total of $28 million (worth of crypto) as a result of July’s hacking scandal.
  • As soon as the incident came to the attention of crypto enthusiasts online, the exchange quickly disabled all trading activities on its platform — including deposits and withdrawals.

Following last month’s hack that saw Japanese crypto exchange Bitpoint lose a whopping $28 million worth of digital assets, the crypto exchange has once again resumed normal services and is now allowing customers to facilitate cash deposits and withdrawals as usual.

As per a spokesperson for the company, the hacked wallet (that was responsible for the entire mishap) has been quarantined and therefore the system is no longer under any threat from third-party miscreants.

As per an insider source closely associated with Bitpoint, the firm will resume its margin trading services by the 9th of August. Bitpoint’s margin trading module makes use of a wallet which is similar to the one that was hacked in July. Spot trading is scheduled to resume on/by the 13th of August.

In all, hackers were able to make their way with 1,225 bitcoin, 1,985 bitcoin cash, 11,169 ether, and 5,108 litecoin from Bitpoint’s coffers.

It is still not clear as to how the hackers were able to steal such a large sum of money (from the exchange) without being caught.

In closing out this piece, it bears mentioning that such incidents can only be avoided if crypto exchanges start making use of better security structures/protocols that are revamped on a regular basis.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide