On June 5th, 2017 a Ripple theft occurred on the CoinPayments platform due to an error that allowed a few users to withdraw excessive XRP from hot wallet XRP accounts. Due to the rarity of the circumstances, this issue was difficult to detect. CoinPayments has done a full review of our systems and added additional checks and protections to ensure similar issues do not occur again in the future.
This isolated incident was the first of its kind on our platform and affected only ripple wallets which were not taking advantage of our long-term coin storage solution, the Vault. The people who exploited the glitch were not hackers, but other long-term users of our service who made errors or chose not to report the discovered issue and ended up withdrawing other clients’ XRP.
We assure you this was NOT a “hack” and CoinPayments did NOT steal anyone’s money. This was an isolated incident occurring for the first time in the 4- year history of operation and was specific to the XRP technology integration.
In December 2017, after a long and arduous 6 months, our team at CoinPayments is proud to announce completion of the reimbursement for ALL stolen Ripple (XRP) coins from the CoinPayments Ripple theft. We have remained dedicated to our initial statement and compensated ALL users in FULL for their losses in XRP balance. We have completed a complex back-end rebuild including multiple new safety measures and protocols to ensure this issue never occurs again.
We are excited to move forward with integrity and transparency and greatly appreciate all of your patience and support throughout this process.
Sincerely,
Your team at CoinPayments, Inc.
