Bithumb Confirmed Its Recovery of Half Losses from Recent Hack

South Korean cryptocurrency exchange, Bithumb confirmed that it has recovered half of the losses which had raised  from the recent hack of $31 million.

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Announced on June 28, 2018, Bithumb claims that it has recovered nearly half of the funds stolen in a recent hack. According to the reports, Bithumb’s online hot wallet was hacked on June 19, making it to $31 million. At that time, Bithumb temporarily suspended all deposits and withdrawals.

The recovery announcement outlines that 11 cryptocurrencies were stolen and these cryptocurrencies counts BCH, BTC, ELF, ETH, ETHOS, GNT, HSR, KNC,OMG, VEN, XRP. Therefore, in which $12.3 million Bitcoin was taken and Ethereum worth $965,000. Although, even before recovering these funds, Bithumb vowed that it would fully compensate users out of its reserves. But then, the withdrawals were still frozen at the exchange and still advice users regarding deposits and withdrawals.

Later on Thursday, the Seoul-based company announced that it has managed to recover more than 45 percent of the stolen funds.

The Bithumb stated in a statement;

“The main reason for the reduction of the damage is due to the ongoing participation, support and cooperation of cryptocurrency exchanges and cryptocurrencies foundations [sic] across the world. Also our quick response to the cyber-attack by removing cryptocurrencies. Thus from hot wallet to cold wallet effectively contributed to reducing the overall damage”.

The crypto exchange said that the recovery was possible through collaboration with other cryptocurrency exchanges. However that tracks down the hackers’ activities and ensuring that the funds were return to their original wallets. Further, it also claimed that instant transfer of coins from its hot wallet into cold storage. However, helped to hold back any damages.

Despite the present conditions and status of hack recovery, the South Korea’s second largest exchange is still online and available to users. Bithumb holds world’s 10th and second largest cryptocurrency exchange in South Korea of daily trading volume about $131 million.

Image Source: Bithumb

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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