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Bithumb Hack Investors Repaid | $30 Million to be Returned

Bithumb hack investors repaid: Another week, another crypto exchange hack. Last Monday, June 11, the world awoke to the news of the Coinrail hack. This week, another South Korean exchange was also hacked. This time around it was Bithumb. In the Bithumb hack, roughly $30M in digital assets was stolen.

Don’t worry, though – Bithumb has confirmed that investors will be fully compensated.

Bithumb Hack: How it Went Down

On Wednesday, June 20th, Bithumb posted on social media that the crypto exchange had been hacked, with the amount lost totaling to $30M. Of course, this caused immediate panic in the crypto sphere.

Before the fear could spread, however, Bithumb retracted its statement shortly after it was released. This plan backfired, as Bithumb deleted its statement without providing any clarification on the matter, causing the public to become more upset and panicked.

The reason for the retraction, according to a Bithumb spokesperson, is that the company needed to finish its investigation into the breach first. After that, the public could be informed.

That’s exactly what happened today, June 21st.

The Real Details: Bithumb Hack Investors Repaid

Today, Bithumb confirmed that a hack did take place, and a total of $30M was lost. While the amount lost is severe, developers and the Bithumb security team are already waist-deep in the recovery process of customer assets that were stolen. Bithumb is working with KISA to recover some of the funds that were stolen.

This could have been a lot worse. Bithumb could have been late on reporting the incident, which means portions of the funds could have been unrecoverable by then. Plus, Bithumb (though this would have sparked public outcry) could have chosen not to compensate investors for the losses.

Bithumb posted two statements regarding compensation, with one saying “the amount of damage that occurred this time will be fully covered by Bithumb’s own company fund.”

Then, on Twitter, the crypto exchange wrote:

The Bithumb Hack Takeaway

The hacking of crypto exchanges is not new. Many have fallen victim to it, while others are waiting for their turn. And when it comes to all exchanges, the challenge is protecting user funds. That’s why it’s so serious when a crypto exchange hack occurs.

Luckily, the Bithumb hack was resolved quickly, and a solution is on the way. The amount lost is still bad, but hopefully, Bithumb will be able to learn from this and perhaps add additional security features.

>> Charlie Lee Talks Bithumb Hack, Bitcoin Price, and Lightning Network

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Bithumb Hacked for Over $31 Million USD – Crypto Market Rebounds – Crypto Currency News

The world’s sixth largest cryptocurrency exchange by daily trade volume, Bithumb, has just been hacked for $31 million. This morning the South Korean exchange announced that hackers had stolen close to 35 million Korean won for its system.

The tweet above has been translated from Korean to English and says:

“[Urgent notice] to stop the front of the withdrawal service password please stop the money transfer. Today, about 35 billion in the morning, the size of the password was stolen. Your assets are securely housed in a cold wallet. For the time being, we cease to offer passwords and monetary deposits and withdrawals services.”

While the $31 million may not seem like such a big deal, compared to the $530 million hack at the Coincheck exchange, it’s still a notable and worrying, incident.

>> Coinbase Index Fund Open

XRP Hacked

The cryptocurrency exchange has yet to release the full details of the hack, but news has emerged that Ripple (XRP) was targeted.

Based on CoinMarketCap, Bithumb accounted for over 10% of the total trade volume of XRP within the last 24 hours. Still, the hack details have yet to be announced officially, so it remains unknown if XRP was the only digital currency compromised – but official details of the hack should surface soon.

Crypto Market Rebound

The cryptocurrency market took a hit when the news broke but it seems to already be rebounding back.

At press time, Bitcoin (BTC) is trading at $6,786 a coin, up 0.11%, in 24 hours. Ethereum (ETH) is currently trading at $539.20 a coin, up 0.54%. The total market cap is sitting just below $300 billion but could break above the mark sometime today.

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