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Hacked crypto exchange BITPoint to Refund 50,000 victims

Maya Mandz | Jul. 18, 2019
Hacked crypto exchange BITPoint to Refund 50,000 victims

July 18, 2019, | AtoZ Markets - During a press conference in Tokyo’s Chiyoda Ward on July 16, the recently hacked crypto exchange BITpoint Japan stated, it will reimburse about 50,000 customers who lost assets with bitcoin.

Hacked crypto exchange BITPoint confirms reimbursements in crypto

During the meeting at Chiyoda Ward, the president of BITPoint Japan Genki Oda apologized to the company customers and said that their team has been investigating the cause of the recent crypto heist.

As the local media reports, BITPoint will repay its customers with the cryptocurrency after the platform’s service is restored. The customers will receive refunds of crypto on a 1:1 basis, or one bitcoin for each lost.

The company’s officials noted, that roughly 50,000 users who lost funds in the recent hack will be reimbursed. When asked if by refunding users in crypto and not cash they might lose out due to recent price drops, BITpoint’s director, Kimio Mikazuki, refused to answer “as it includes legal matters”.

Hacked crypto exchange BITPoint is still counting its loses 

According to the latest reports, the company’s primary estimated loses from the security breach, has reached around 3.02 billion yen ($28 million) – roughly $4.6 million.

Three days ago, and four days after the hacking incident, the local media reported that the BITPoint discovered 250 million yen ($2.3 million) of stolen funds on overseas exchanges that were using a trading system provided by Bitpoint Japan.

Thus, the discovery brought the total sum of lost funds down from 3.5 billion yen ($32 million) to 3.02 billion yen ($28 million).

Back then, the major BITPoint shareholder, Remixpoint stated that $23 million of the illegal outflow belonged to its customers, while 1 billion ($9.2 million) belonged to the exchange.

According to the latest reports, the exchange customers have lost 2.06 billion yen ($20 million) in the breach. The crypto firm in its turn assured that it has newly prepared this amount in crypto assets for reimbursement. 

As Atoz Markets reported earlier, due to the last year hack of another Japanese crypto exchange Coincheck, about 260,000 customers lost their assets. Coincheck crypto theft still remains one of the biggest cybersecurity hacks in history.

The same year, about 130,000 Zaif exchange's customers suffered a similar fate. For Coincheck and Zaif users, the stolen assents were reimbursed in cash. 

With about 50,000 customers affected, the BITPoint hack could be considered the third-largest crypto heist by now. 

Think we missed something? Let us know in the comments section below. 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.