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This article was published on July 16, 2019

55,000 cryptocurrency users affected in Bitpoint’s $28 million hack

Bitpoint's president says it will repay victims in cryptocurrency

55,000 cryptocurrency users affected in Bitpoint’s $28 million hack

Embattled cryptocurrency exchange Bitpoint has revealed that roughly half of its 110,000 users were affected by last week’s $3.02 billion yen ($28 million) hack, reports The Mainchi.

Speaking at a Tokyo press conference, Bitpoint president Genki Oda noted that of the 3.02 billion yen stolen, customers owned 2.06 billion yen ($19 million), while 960 million yen ($8.9 million) consisted of the company’s own holdings.

According to Oda, customer losses represented 13 percent of the total amount of cryptocurrency users had kept on Bitpoint. He also pledged to repay victims (in cryptocurrency) once standard trade resumes.

The theft, which included sums of Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple, was disclosed last Thursday. Originally reported to have totalled $32 million, those losses were later revised to a slightly smaller number of $28 million.

To find success, hackers were said to have targeted Bitpoint’s “hot wallets,” a term for internet-connected cryptocurrency storage software.

Oda then confirmed the discovery of an additional 250 million yen ($2.3 million) worth of stolen funds that were taken from overseas exchanges using Bitpoint software.

This directly contradicts apparently incorrect media reports that indicated a fraction of the stolen funds had been recovered.

An estimate for when Bitpoint will resume standard trade is yet to be determined, as official investigations are reportedly ongoing.

Fellow Japanese cryptocurrency exchange Zaif was ransacked by hackers last September, who stole $60 million worth of cryptocurrency in a seemingly similar raid.

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