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Bitpoint's crypto trading service is back after massive $28M mid-July hack

Tue, 06 Aug 2019, 09:34 am UTC

Japanese crypto exchange Bitcoin is resuming some trading services on its platform following the massive $28 million hack in mid-July.

As per its announcement, the company is re-opening cash deposits and withdrawals in fiat currencies on August 6. Over-the-counter margin trading services (leverage trading service and MT4 trading service) will also be back to business on August 9, whereas crypto spot trading services will resume on August 13.

The exchange will also restart its crypto withdrawal (sending) and deposit (receipt) services in September and mid-October, respectively, although a specific date has not been specified.

Bitpoint assured that the resumption of services follows a safety assessment of its crypto wallet. CoinDesk Japan reported that the compromised wallet will no longer be used.

We have been diligently implementing recovery measures and examining and implementing measures to prevent recurrence. Based on these measures, we plan to resume various services step by step in the following manner within the scope of ensuring the safety of the system from the services with high customer needs,” the press release stated.

The operator revealed that it lost roughly 3.02 billion yen (~$28 million) worth of virtual currency after its online holdings were accessed illegally. Of the total amount, 2.06 billion yen (~$19.1 million) was customer funds, whereas the remaining is owned by the company.

Bitpoint Japan said it will compensate the estimated 50,000 users affected by the attack on a 1:1 basis.

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