Bithumb Explains the Recent Hack Event Process


Bithumb, the South Korean cryptocurrency exchange has notified regarding the hack that took place on June 19. It is now guiding with the entire process about its present situation and upcoming plans.


The following points guides into the process after the hack:

Damages to passwords

On June 19, soon after the hack, Bithumb notified without a delay about $31 million worth of damages to passwords. According to the Bithumb blog post, the exact amount is not yet mentioned and it reads;

“If the specific damage amount is confirmed, we will inform you later”.

Meanwhile, Bithumb moved all remaining coded money balances to the cold wallet to prevent any further risks.

Company Assets

The crypto exchange not only manages company’s assets but also administrates customer’s assets as well as KRW assets. Bithumb reported that each and every asset was secured safely on the cold wallet. As per the blog post, currently, Bithumb has about 500 billion KRW worth of company’s fund. Moreover, the damage will be reimbursed by company’s own fund and the new report will be releasing by first week of July.

Deposit and Withdrawal Services to start off again  

As per the details, in order to prevent cyber attacks, Bithumb is working on the process to change the entire wallet system. However, it also helps customer to trade in a secured and safe way. Particularly, the crypto exchange claims that it is implementing more security to wallet systems by network. Although, the exact time period is not mentioned about how long the changing process may take.

PR Service

Moreover, the company is now considering a form of compensatory event for withdrawal delays besides asking customers not to deposit into the current Bithumb wallet addresses.

In regards to resuming the services, the Bithumb said;

“We are also thoroughly undergoing KRW withdrawal services if there is any possibility of cyber-attack. Once the review is complete, the KRW withdrawal service will be resumed”.

Strict Investigation with Security Agencies

Bithumb intensely involved in preventing futures cyber-attacks or any such damages to protect customer’s assets. Simultaneously, it is working hand-in-hand with security agencies like Anlab, KISA and National Police Agency to make the exact grounds.

At conclusion, Bithumb crypto exchange ensures that such incident or damages will never arise in futures. Further, it will establish more systematic procedures and steps to prevent with such incidents.

“We sincerely apologize to our customers for causing inconvenience and distress. We will make sure that we provide the highest level of security and services to our customers and become the most trusted Cryptocurrency Exchange”.

The customers will soon be  informed about the further process status.   

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Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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