Overview:
On July 12, 2019, Bitpoint, a licensed Japanese cryptocurrency exchange, was hacked, resulting in significant losses and impacting trust across the crypto ecosystem. Despite its reputation for security and compliance, attackers breached its defenses, highlighting vulnerabilities in hot wallet security.
The Bitpoint hack exposed critical flaws in a regulated exchange, especially concerning hot wallet protection. The absence of user compensation further eroded confidence. Future recovery hinges on transparency, advanced wallet security, and user education.
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