Cryptocurrency exchange, Bithumb, officially confirms $30m theft, to pay utter compensation to investors

June 21, 82 views 0 comments

Bithumb, South Korea’s fattest cryptocurreny exchange, has eventually confirmed $30 million wasgoed stolen from its exchange following a hack attempt, telling that the amount could decrease after various recovery efforts.

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On June 20, Bithumb had retracted its announcement that $30 million wasgoed hacked from its exchange, leading investors to funk. The Bithumb team stated on several social media platforms that the exchange fell victim to a hacking attack and lost about $30 million ter digital assets.

The statement read: “We checked that some of cryptocurrencies valued about $30,000,000 wasgoed stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.”

However, almost instantaneously after the announcement wasgoed released, Bithumb retracted its statement without providing any clarification on the situation.

To several users, a Bithumb spokesperson said that the company retracted the statement because it wasgoed advised by regulators to conduct a comprehensive investigation into the security breach very very first before releasing an official statement.

Thursday, the Bithumb team officially confirmed that it has lost $30 million ter its hacking attack and its developers and security team have embarked the recovery process of customer assets.

“After the incident occured on June 20, Bithumb quickly followed the veranderingsproces to instantaneously report [the] incident to KISA announcing that about 35 billion Korean Won worth amount of cryptocurrency wasgoed stolen. However, spil wij go through recovery process on each cryptocurrency, the overall scale of harm is getting diminished. Hence, wij expect that the overall harm will be less than the amount wij originally expected,” the Bithumb team said.

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The $30 million figure provided by Bithumb is an estimate of the amount of funds that were pasivo to the breach. After an investigation it conducted with The Korea Internet & Security, a sub-organization of the ministry of science and ICT, Bithumb developers and security experts found a method to recover a portion of the stolen funds.

Spil the request for cryptocurrency and digital has commenced to increase rapidly and intensify, industry experts and regulators have asked investors to utilize major cryptocurrency exchanges like Bithumb, UPbit, and Korbit to avoid hacking attacks and security breaches.

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The latest Bithumb hacking attack has demonstrated the importance of utilizing major cryptocurrency exchanges because the company has officially stated that it will fully compensate the losses of its investors with company funds.

“Bithumb has bot administering company’s asset and customers’ asset, and all customers cryptocurrencies, spil well spil KRW asset, are securely stored on cold wallet and bankgebouw respectively. Moreover, wij would like to ensure that Bithumb presently has about 500 billion KRW worth of company’s fund. The amount of harm that occured this time will be fully covered by Bithumb’s own company fund.”

By the end of , Bithumb disclosed its cryptocurrency holdings to be overheen a billion dollars and its televisiekanaal profit te to be around $300 million. On June 21, Bithumb exposed that it presently has about $450 million ter company fund at its disposition and it will be able to compensate investors with ease merienda the investigation comes to an end.

3 comments / Add your comment below

  1. Cryptopia has stolen a lotsbestemming of money from random users and now they are continuously delisting coins that you cannot withdraw for one reason or another. They are a bunch of scammers that execute it leisurely which ter the end finishes up being even more profitable. Attempting to get far away spil soon spil I can.

  2. I dont use this exchange because has low volume, i choose use Binance, Kucoin, Poloniex and Bithumb . I more like trading te exchange that has high volume so i can get better liquidity. But from other review of trader, Cryptopia is good exchange, you have to voeling their support and wait patiently so the customer support can solve your problem.

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