Bitpoint loses $32 million in hack
6 months, 2 weeks ago by kyle | 3 facts | 1 comments | 5 votes

  • Japan’s Bitpoint says around 3.5 billion yen ($32 million) of funds were stolen, with 2.5 billion yen of that belonging to customers. -
  • The hot wallet involved in the hack contained five cryptocurrencies, including bitcoin, Bitcoin Cash, and Ripple. -
  • The company says it hasn’t detected any irregular activity or missing funds affecting cold wallets. -

kyle - 6 months, 1 week ago
I find it quite humorous. The whole idea of cryptocurrency was that people would hold their money on their own computer without any third-party (read as bank). However, in practice people just created new banks in the form of cryptocurrency exchanges.

At least with real banks the transfers are reversible, and we can use the existing legal system to decide who ends up with the money. With crypto, once the money is gone, it's gone.


Story Info
  • Upvotes: 5
  • Downvotes: 0
  • Poster: kyle