Virtual Money Worth $32 Million Lost by Japanese Crypto Currency Exchange

A virtual money loss worth 3.5 billion yen or $32 million has been reported by a Japanese cryptocurrency exchange. Tokyo-based Remixpoint said that the losses were first confirmed on Thursday. The company also deals in other businesses, such as energy, used car, and travel.

The reason behind the loss of cryptocurrencies, such as Ethereum, Bitcoin and Ripple, among others is being investigated.

The company stated that about two-thirds of the losses were incurred by customers while the remaining missing assets were of the company. All the transactions have been halted in the meantime. It also mentioned that the money was lost from what is called the “hot wallet”, whereas the money in the “cold wallet” remained safe as it has a tighter security.

Japan has been receptive to cryptocurrencies that use the blockchain technology. It even has a licensing system to monitor their use. Since April 2017, bitcoin has been a legal form of payment in the country.                                                            

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A graduate in biotechnology with an inclination towards science and current affairs. Enjoys writing about various subjects ranging from world politics and healthcare to technology and business.

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