BitPoint Resuming Trading Services Amid Hack

The exchange also assured refunds to the victims for their losses.

Japanese digital asset exchange BitPoint on Wednesday announced that it is going to restart trading services on its platform amid the massive hack in mid-July.

The exchange noticed an unusual outflow of funds last month and terminated all services including WEB trading site, BitPoint MT4 transactions, API and Smart API services, Store settlement services, BitPoint wallet app, and BitPoint LITE application.

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However, it could not stop the theft of an initial estimated amount of $32 million from the exchange. According to the official statement, the lost digital assets include 1,225 Bitcoin, 1,985 Bitcoin cash, 11,169 Ether, and 5,108 Litecoin.

According to the August 5 announcement, the exchange set aside the compromised hot wallet and assessed all other wallets to ensure security.

“On July 11, 2019, we discovered an illegal outflow of virtual currency managed by the Company (hereinafter referred to as “the Incident”), so we stopped all services, investigated the cause of the incident, prevented damage expansion, and We have been diligently implementing recovery measures and examining and implementing measures to prevent recurrence,” the exchange stated.

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“Based on these measures and measures, we plan to resume various services step by step in the following manner within the scope of ensuring the safety of the system from the services with high customer needs.”

BitPoint first resumed fiat deposit and withdrawal services today and will open over-the-counter (OTC) margin trading services on August 9, followed by crypto spot trading services on August 13.

Though the exact date was not specified, the exchange will resume crypto withdrawal and deposit services sometime in September and October respectively.

Investigation underway

Finance Magnates earlier reported that he exchange recovered more than $2.3 million within days of the hack. The exchange also revealed that almost $23 million of the stolen funds belonged to customers, while rest were siphoned from the exchange’s chest.

The exchange also assured its 50,000 victims for a 1:1 refund for their losses.

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