Bitpoint ready to repay lost funds after recent hack

Posted 17 July, 2019

Japan-based cryptocurrency trading platform Bitpoint has posted an update report on its website regarding the recent hack.

According to the available information, hackers managed to access only hot wallets run by the platform, which means that assets in its cold wallets remain untouched. 

For reference, the Japanese exchange faced hack attack last week. All operations are still offline at the platform.

Along with the report, Bitpoint president Genki Oda held a press conference. During the event, he apologized for the situation and inconveniences that it entailed. Also, the management of the platform is ready to refund all victims of the attack. The initial data showed that the exchange lost about $23 million. 

The funds will be repaid in cryptocurrencies.

To boost security and prevent such situation in the future, Bitpoint is cooperating with Japan's Virtual Currency Exchange Association striving to take extra measures to protect users.

Besides, it was also noted that the company collaborates with Ripple Foundation to detect and deal with XRP that were lost.

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