Crypto Not Cash: Hacked BitPoint’s Masterplan to Refund 50,000 Victims

David Hundeyin
Hacked Japanese crypto exchange BitPoint will repay 50,000 victims of a recent hack - nearly half its user base - in crypto. | Source: Shutterstock

50,000 victims of the Japanese crypto exchange Bitpoint’s recent hack will have their stolen wallet holdings reimbursed in crypto. This was revealed in a press conference in Tokyo, where reporters were informed that the company had decided to pay back victims in crypto using a 1:1 ratio, as against fiat payouts.

Bitpoint’s Unusual Alternative to Fiat Payouts

This, is in contrast to the regular practice of sending refunds to hack victims using fiat payouts, such as in the case of Coincheck, which last year refunded more than $440 million in fiat to customers. Japan has recently been plagued with a series of huge, coordinated exchange hacks, with 260,000 people losing their funds in January 2018 alone.

The exchange had on July 12 announced that it lost 28 million dollars ($20 million in stolen crypto belonged to customers rest from the exchange) to hackers and proceeded to suspend all activities on its platform including trading and withdrawals.

The exchange in a report admitted that the hackers accessed one of its hot wallets and made away with 1225 BTC, 1985 BCH, 11169 ETH, 5108 LTC and 28,106,343 XRP.

Speaking at the press conference, BITPoint CEO Genki Oda apologized for the hack, stating that the exchange is investigating how it happened with a view to overhauling its security systems. He also promised that all affected customers will be reimbursed as soon as the now-suspended platform resumes operations once again.

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