From around 14:00 today, August 6th, 2019, Bitpoint will be relaunching its services one after the other, starting with the activation of fiat currency deposit and withdrawal services.
Although crypto exchanges are facing one colossal challenge hacking, they always bounce back to full mode after such incidences. For Bitpoint, their crypto exchange was the playground for hackers in mid-July and led to the exchange losing $28 million. However, now, it is their time to shine again as they start to resume operations slowly. As the exchange limps back to full operation, investigations are still ongoing.
Reactivation of Previously halted services, light at the end of the tunnel
Thanks to their investigation team, the wallets exploited during the hack are no longer available, so no imminent threat is possible. Furthermore, services being restored use cold wallets to work so no chances of hacking. Besides bagging on cold wallets to protect users, new and improved security measures have been put in place to seal loopholes.
Besides the above, over the counter, virtual currency margin trading, which includes MT4 and leverage trading services, will be available as from August 9th, 2019. Similarly, on August 13th, spot trading will be available. The latter marks the end of services set for activation in August. However, in September, Bitpoint will be working on getting currency sending services back online.
On the other hand, around mid-October, Bitpoint will work on getting virtual currency receipt deposit service back, but not everything will be back online. For all other services previous available such as the creation of new accounts, the exchange hasn’t decided as to when they will make them available.
While the above depicts Bitpoint timeline for resuming operations, the process also comes with some drawbacks. For instance, deposits and withdrawal services might take a day to process since transactions won’t be in real-time. Furthermore, some functions might be on restriction mode or might even get suspended temporarily. In addition to all the above, the timeline above might change based on security reasons. However, in case of such an incidence, Bitpoint will communicate with users in advance.
As preparations for bringing back normalcy to the exchange operations continue, all the 50,000 affected users will be refunded on 1:1 basis. However, up to today, the authors of the attack are unknown as investigations are still ongoing.