Bitpoint plans to refund $30 million worth of cryptocurrency to Hack Victims

• On Friday Bitpoint reported a hack 3.5 billion yen worth of cryptocurrency.
• About 50,000 were affected by the hack.

Bitpoint is a Japanese cryptocurrency exchange owned by Remixpoint on Friday, July 12 announced that it had lost 3.5 billion yen worth of cryptocurrency in a hack. It halted all operations soon after the hack in which it lost about $32 million worth of cryptocurrency.

Yesterday the company also reported that another $2.3 million worth of crypto is also missing. This recent missing crypto was stolen from exchange outside Japan i.e. which uses Bitpoint’s trading platform.

In a press conference, President Genki Oda reveals that around 50,000 Bitpoint users were the victim of the hack whose funds were missing. Also, in a press conference, Bitpoint representatives told the company’s intention to return the stolen funds worth $30 million. However, the company plans to return the funds in cryptocurrency rather than in any fiat currency.

The exchange also confirmed that the recent security breach only affected its hot wallet while its cold wallet is still safe. The exchange services are still suspended.

More details of the Stolen funds

Bitpoint releases a report in which it mentioned the losses by the hack. It has lost the following amount:-

• 1,225 Bitcoin priced at 15.3 billion yen, out of which 1.28 billion yen were owned by customers;
• 1,985 Bitcoin Cash worth 70 million yen, out of which 40 million yen belonged to clients;
• 11,169 Ether valued at 330 million yen, out of which 240 million yen belonged to clients;
• 5,108 Litecoin worth 0.5 billion yen, out of which 40 million yen belonged to customers.
• 28,106,343 XRP priced at 10.02 billion yen, out of which 2.6 billion yen belonged to clients.

According to fintech research firm MEDICI reported that out of $2.71 billion worth of crypto in different hacks like the exchange and wallet hack worldwide in 8 years Japan accounts for $920.03 million.