Bithumb Working With Other Crypto Exchanges to Recover Hacked Funds – CoinNewsGlobal

South Korea’s Bithumb cryptocurrency exchange said Thursday that it may be able to reduce the financial harm arising from a multi-million dollar hack earlier this week.

Te an update on its webstek, the stiff said that albeit it has reported losses omschrijving to $31.Five million to the Korea Internet & Security Agency (KISA), it may ultimately be able to lower that figure.

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The exchange stated:

“We have announced about 35 billion Korean won of damages … Bithumb is reducing the amount of harm through ongoing harm recovery, future figures are expected to be lower.”

It explained that it wasgoed working with cryptocurrency exchanges and others to prevent further losses and retrieve the funds.

Further adding that the exchange keeps company and customer funds separately, the update said: “The company believes that you can use Bithumb securely.”

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News of the hack broke Wednesday after Bithumb confirmed that attackers had managed to access their systems and stolen the millions te cryptocurrency. So far the hard has provided no details on how the attack wasgoed carried out or which cryptos and ter what amounts were taken, albeit XRP is believed to have bot targeted.

The company did reassure customers that the remaining assets had bot moved to offline cold wallets spil a security measure and that it has halted all deposits and withdrawals for the time being.

Ter what is likely welcome news for customers, Bithumb has also stated that it would voorkant the losses arising from the breach from its own reserves.

Ter a press release issued today, the Korea Blockchain Association, a self-regulatory group comprised of exchanges and blockchain startups, called the hack “embarrassing,” but added that exchanges taking on hacking losses is “a good way to protect our users.”

The association continued to say: “We will proceed to establish standards for user protection such spil security, standard conditions and dispute settlement procedures that cryptocurrency exchanges should have. “

According to today’s update, the agencies that are helping investigate the causes of the breach include the Korea Communications Commission, KISA and the National Police Agency.

Note: Statements ter this article have bot translated from Korean.

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2 comments / Add your comment below

  1. I used to use this exchange, but i have no punt with there toneel. The main problem on that exchange is most of altcoins there being control by some whales and make that price not good for holding.

  2. I see at this time I think not, I also say it on Bithumb trading webpagina is very good but switched when I got a problem te my account and no response to Trio weeks, I think it looks powerless where they do not pay enough people to serve toegangsbewijs complaints which goes te for a quick fix, no matter what it’s hoping no one has a loterijlot of BTC ter there before you verify your account

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