- Bitpoint has provided a detailed breakdown of stolen funds
- The company discovered more losses last weekend
- JVCEA will monitor suspected ill-gotten funds and wallets
Bitpoint cryptocurrency exchange has published a breakdown of cryptocurrencies stolen during the recent ¥3 billion (~$27.8 million) hack on the platform. The exchange has also announced its plans to compensate users in cryptocurrencies as opposed to the identical fiat price of the lost cryptocurrencies.
Detailed Breakdown
Remix Point Inc., the parent company of the Japanese cryptocurrency exchange gave the details of the hacking incident via a July 16, 2019, press release. The company provided a detailed breakdown showing the proportion of the stolen digital currencies belonging to customers as well as what belonged to the firm.
The press release states that of the 3.02 billion yen that was stolen in cryptocurrencies at least 2.6 billion yen belonged to customers while 960 million yen were company assets. XRP accounted for the highest share of total losses, with the total stolen XRP accounting for over 10 billion yen or just about one-third of the lost funds. According to the press release, the lost crypto assets included:
- 1,225 Bitcoin (BTC) worth 15.3 billion yen — 1.28 billion yen belonging to customers and 250 million to the firm;
- 1,985 Bitcoin Cash (BCH) worth 70 million yen — 40 million yen (customers) and 0.2 billion yen (firm);
- 11,169 Ether (ETH) worth 330 million yen — 240 million yen (customers) and 0.8 billion (firm);
- 5,108 Litecoin (LTC) — 0.5 billion yen, of which 40 million yen (customers) and 0.0 billion yen (firm); 28,106,323 XRP — 10.02 billion yen, of which 2.6 billion yen (customers) and 960 million yen (firm).
Extra Losses Discovered
The crypto exchange which offers to trade in five cryptocurrencies: bitcoin, bitcoin cash, ether, Litecoin, and XRP, announced a $30-million hack last week and reported it had discovered another $2.3 million was missing. The Monday edition of Japan Today stated that the exchange discovered the extra losses at exchanges outside Japan that were using Bitpoint’s trading system.
The company announced last Friday hackers had breached its systems leading to the loss of at least 3.2 billion yen (almost $30 million) in cryptocurrencies. As a result, Bitpoint halted all services including trading, deposits, and withdrawals of all crypto assets.
More Than a Fair Share
The company’s press release states that Bitpoint is cooperating with Japan’s self-regulatory exchange association, the Japan Virtual Currency Exchange Association (JVCEA) that was formed in March 2018 to help establish industry-wide investor protection standards. The association will monitor any suspected ill-gotten funds and wallets potentially associated with the incident.
Japan has had more than a fair share of hacking incidents, and the Financial Services Agency (FSA) has previously noted concerns that the funds of the exchange and its users’ were not being kept apart adequately enough.
