Bitpoint Reveals Details of Losses, Assures Reimbursement to Victims

Japanese crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Bitpoint has released details of the damages it incurred in the recent hack.

Published by the exchange's parent company Remix Point, the document shows that five digital currencies - Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, Bitcoin Cash, Ether, Litecoin, and XRP - were siphoned by the perpetrators from the exchange’s hot wallet.

Accounts of the loss

Per the document, 1,225 Bitcoin worth ¥1.53 billion (more than $14 million) was stolen from the exchange, out of which ¥1.28 billion ($11.8 million) worth of tokens belonged to the exchange's customers, and ¥250 million ($2,316,500) in BTC belonged to the exchange.

Hackers also siphoned 1,985 Bitcoin Cash valued at ¥70 million ($648,620) - ¥40 million ($370,640) of which came from customers’ deposits while the rest was the exchange’s funds. For Ether, the number went to 11,169 tokens worth ¥330 million ($3 million) - ¥240 million ($2.2 million) from customers’ deposits while ¥90 million ($833,940) worth of tokens were the exchange's holdings.

5,108 Litecoins with a market value of around ¥0.5 billion ($4.6 million) were also stolen by the cybercriminals.

The major chunk of the losses involved XRP, as 28,106,323 tokens were stolen.

The exchange also reiterated its previous stance that only the security of its hot wallets was breached, while its cold storages were still safe. However, it is still monitoring all of its storage facilities and is preparing to move all its crypto holdings to cold wallets.

in case u needed more reasons to self-custody...

over the past month - Gatehub hacked for 10m - Bittrue hacked for 4m - Bitpoint hacked for 32m - 0x susp after vuln found not ur keys, not ur coins — Josh Olszewicz (@CarpeNoctom) July 14, 2019

The parent of Bitpoint also assured that the exchange is going to reimburse all its clients for their damages, however, it will pay them in crypto equivalents and not with fiat.

The document also revealed that the exchange is consulting with the Japan Virtual Currency Exchange Association (JVCEA), the self-regulatory body of Japanese crypto exchanges, to bolster the security measures of the exchange.

Finance Magnates earlier reported that the exchange has already tracked $2.3 million worth stolen tokens and also recovered them.