Users of CoinPayments, a leading multi-cryptocurrency trade payment solution and wallet service platform have lost their Ripple tokens (XRP). Many, who were not aware of the problem, had a rude awakening after receiving an official communication from the platform that reported the loss.
According to the company, the problem was caused by a bug in the platform that allowed few users to withdraw the excess XRP tokens from its hot wallet, thus affecting the total budget. The error, which was not detected for a while, was identified on June 5, 2017, following which the wallet balances were updated, which in most cases turned out to be "0 XRP ". However, users who had used the platform's Vault structure were not affected.
The platform attributed the loss of an undisclosed amount of money to its users who took advantage of the bug for a period of time, without reporting it to the company.
"The people who exploited the problem were not hackers, but other long-term users of our service who made mistakes or chose not to report the problem discovered and ended up withdrawing the XRPs from other clients."
CoinPayments declares that it has collected information from those users who have withdrawn excess funds, either deliberately or by mistake, asking them to immediately return the funds. Many of these users seem to have forced and voluntarily returned the funds, or at least that's what the company says.
"We are in communication with some already and the recovery process has started with the help of our lawyers.The early reply indicates that honesty seems to prevail.Some of the funds have already been returned and through a series of steps We will make every effort to ensure that the XRP is returned to its rightful owners. "
The company also initiated the contact process with local and international authorities during the search for legal advice to speed up the process. Although the company has assured the return of funds to legitimate users, it has not yet offered a precise timing for the process.
As its customers await further updates, the company has announced that it will reserve a quarter of its revenue to compensate those concerned.
referee: CoinPayments update | Image: NewsBTC Revelation: The author is one of the users of CoinPayments who was affected by the XRP token incident.