BITPoint have reportedly had $32 million worth of currency stolen from them. Investigators are currently investigating the fraud and they have found that the hackers gained access to the system for around 12 hours. During this period, they were able to execute their theft. The parent company of the BITPoint group have announced that the hackers managed to steal over $32 million and that this happened across Thursday and Friday. The hackers managed to infiltrate the system on Thursday night and ended their session on Friday morning. They had more than enough time to steal as much as they wanted and it would appear that the majority of what they stole was Bitcoin and Ripple. That being said, a total of five different currencies were stolen.
Yoshinori Hashimoto is an expert in the field of online security. He has stated that the theft involved transferring $9 million on Thursday. This happened at 9pm. Yoshinori Hashimoto released this statement shortly after the event happened, but he only focused on Bitcoin, rather than the other currencies that were stolen. As time went on, more and more currencies were stolen, and this is shocking to say the least. The current estimate is that over $25 million of the stolen funds were in fact Bitcoin.
Yoshinori Hashimoto has also made an important observation. He believes that half of the damage could have actually been stopped if BITPoint had taken a more proactive approach in stopping the transactions. They did detect an abnormality, but nothing was done. The company identified that a lot of transactions were being made and that a lot of them were very large. The company should have put a stop to them at this point rather than letting them carry on. Another point that should be noted is that the online system is very prone to hacking and even though you may implement a ton of safety measures, people still need to be careful when making any kind of transaction. Measures need to be implemented that stop transactions from being made automatically should an abnormality be detected, and if this is not done soon then even more issues could arise in the future.
The implications of incidents such as this are far-fetched. The repercussions of this could go beyond the industry and they could even have an impact on the cryptocurrency world as we know it. Investors will lose confidence in the trade and the public will carry on being sceptical about the crypto industry in general. They won’t be sure as to whether or not they should be adopting the coins or not. More safety measures need to be put in place and policymakers also need to work hard to make sure that they make the whole cryptocurrency experience a positive one. Regulations need to be updated and operating procedures also need some more work. Things like this are required to carry out business, but if they are not safe or stable then this isn’t going to be good for anyone.