Major hack of Japan’s cryptocurrency exchange affected around 50.000 users

In a reported security breach cryptocurrency exchange Bitpoint Japan Co. lost  ¥3.02 billion ($27 million) in cryptocurrencies. The Company also reported the loss of ¥250milion in other exchanges that are using Bitoint’s trading system. The company will further report how the security breach happened. Bitpoint was on a regulators radars already in 2016 when they received the recommendations from Japan’s financial regulators to strengthen the internal control and founds management.