Bithumb promises reduction of losses after $31.5 million hack this week

21 June 2018

BithumbBithumb, South Korean cryptocurrency exchange, made a statement this week, claiming that it may minimize the damages resulting from the cyber-attack committed earlier with the losses reportedly amounting to $31.5 million. The exchange noted that it may eventually bring the losses to a lower level.

Bithump noted in its official statement that they have uncovered about 35 billion Korean won of damages, but the amount is currently reduced by the exchange through damage recover procedures and the losses are expected to be further reduced. Bithumb is cooperating with other digital asset exchanges and other parties joining efforts to mitigate losses in the future and retrieve the lost funds.

The reports about the exchange’s hack emerged on Wednesday, and Bithumb confirmed the major hack, which allowed perpetrators to access the exchange’s systems and steal the cryptocurrency worth of millions of dollars. However, no details were provided by the company on what cryptocurrency had been affected and how the attack had been performed. Meantime, some observers believe that it was XRP.

In a move to avoid panic, Bithumb assured its customers that the remaining funds are held offline in cold wallets to ensure their security, and all deposits and withdrawals are temporarily suspended for the time being. Bithumb also added that all losses incurred by the customers will be covered by the exchange at the expense of its own reserves.

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