Bitpoint Reveals Details of Losses, Assures Reimbursement to Victims

One-third of the stolen funds were in XRP.

Japanese crypto exchange 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 Cash, Ether, Litecoin, and XRP – were siphoned by the perpetrators from the exchange’s hot wallet.

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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.

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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.

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