CoinPayments, the multi-cryptocurrency merchant payment, and online wallet service has updated its users about the steps taken by the company to recover stolen Ripple tokens and compensate the affected parties. The update email was sent out to its customers earlier today, about a week after the loss of XRP tokens from its hot wallet was reported.
The latest email offers more details about the June 5, 2017, incident, with exact figures of the losses incurred by the company and the steps it has taken since then. The loss of XRP tokens was caused by a bug in the platform, which apparently allowed few people to withdraw more XRP than they actually held on the application. The flaw is said to have gone undetected for a while, allowing the users who discovered the loophole to take full advantage of it.
Soon after discovering the bug, CoinPayments refreshed the customer account balances to reflect the actual holding status of XRP on the platform, which in most cases turned out to be zero. According to the latest update, the company has lost over 21 million XRP to unauthorized withdrawals and attempts so far to get them back has received mixed results.
The developers at CoinPayments have since then worked on tracking the flow of funds, zeroing in on a handful of people who are suspected of siphoning off a majority of funds. The company, refusing to divulge the identities of the people suspected of stealing the funds has stated that it is working along with law enforcement agencies to resolve the issue. Meanwhile, the company is in the process of acquiring XRP from Ripple Incâs OTC purchase desk.
The company has diverted most of the funds from its corporate liquidity along with contributions from the promoters to procure the required amount of XRP at a fixed price from Ripple Inc. However, until the transaction from CoinPayments is executed, the company wonât be able to reimburse the tokens to those who lost them.
CoinPayments has insisted that it wants to ensure transparency in the complete process of procuring and reimbursing the lost XRPs. If everything goes well, the XRP holders who lost the tokens on the wallet platform can start breathing easy from next week.
NEOUSD, DASHUSD AND IOTUSD SET PACE AS USD BULLS TAKE OVER
Depending on your perspective, this recent NEOUSD bear run is just the second wave of a larger NEO depreciation. Pasting a Fibonacci retracement tool from 15.09.2017 lows of $13 and 14.08.2017 highs
Anonymous Storage Ledger Aims to Disrupt Online Advertisement Industry
The internet has improved by leaps and bounds since its invention almost 30 years ago. Subsequently, websites have evolved drastically from simple text files to complex content delivery platforms
Cointed: Bridging the Gap between Crypto and the Real World
We all know that cryptocurrency is the way of the future.Â Plenty of online businesses and companies accepts and deal in crypto and its popularity is increasing every day.Â However, the main
LedgerX Trades $1 Million in Bitcoin Derivatives in First Week
The first regulated cryptocurrency derivative trades have taken place on a U.S. exchange.
In a statement to the press today, bitcoin trading platform LedgerX confirmed rumors that it has already be
BlackRock Strategist: There's No 'Right or Wrong' Price for Bitcoin
The chief investment strategist for BlackRock, the world's largest asset manager, said in a new interview that he doesn't know where to peg the "fair" price of bitcoin.
Speaking with Business Insid
BitMEX Clarifies Position on Bitcoin Hard Forks With SegWit2x Looming
BitMEX, a cryptocurrency exchange, has clarified its position on hard forks considering the pending SegWit2x hard fork in November. The SegWit2x hard fork is intended to provide a minimal patch to res
TSMC: Cryptocurrency Mining Drove Strong Third Quarter Revenue
The chief financial officer for the Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest independent semiconductor foundry, cited cryptocurrency mining in the firm's third-quarter re
Tezos Derivatives Crashes Amid Management Infighting after $232 Million ICO
The price of Tezos derivatives has crashed on multiple exchanges following the revelation of infighting between the platform’s developers and the independently-operated Tezos Foundation.