Bithumb recovers nearly half of stolen funds

in bithumb •  17 days ago

Last week, Bithumb was hacked, this week, they recover almost half of those stolen funds.

On June 20th, it was reported that Bithumb had been hacked to the tune of roughly $31 million USD (35 billion KRW) worth of crypto.

The hack came as hackers were able to make off with coins in the exchange's hot wallet.

Specifically, hackers were able to make off with coins in 11 of the exchange's hot wallets, though according to Bithumb, the hack could have been even worse.

Bithumb said they reacted quickly and moved the rest of the coins in hot wallets to cold storage as quickly as possible.

This move likely made the hack less impactful that it could have been.

Bithumb getting some of those stolen funds back?

Bithumb announced today that they have received roughly half of that stolen amount back already.

They have done this through communication and cooperation with/by other cryptocurrency exchanges that the hackers were attempting to launder the coins through.

Bithumb had this to say specifically:

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

(Source: https://www.ccn.com/bithumb-has-recovered-nearly-half-of-funds-stolen-in-last-weeks-hack/)

A list of the current missing coins can be seen here:

(All coins are priced in KRW)

As you can see, only roughly half of the original missing funds are still missing.

The missing totals have dropped from roughly 35 billion to around 18 billion KRW currently.

Bad news now not so bad.

This is good news for the Bithumb customers, though keep in mind that Bithumb had already stated they would reimburse customer funds from company stockpiles.

Bithumb claimed they have roughly $450 million worth of USD that they could pull from in order to compensate customers if needed.

Also, this may set a precedent going forward for the recovery of funds by other exchanges should they be hacked.

Exchanges world wide were able to work together to find and bring back a large portion of those stolen funds.

Finally some somewhat good news in space.

Stay informed my friends.

Image Source:

https://www.digitalcoinnews.com/bithumb-will-ban-trading-in-11-countries/

Follow me: @jrcornel

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@jrcornel i am worried about korean exchanges are getting hacked why their security so loose and do you know coinrail is still not working i think when coinrail will come back with restoration of hacked fund market will be boost

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I think many in the space have been worried. Things will get better over time.

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@jrcornel i pray coinrail will come back with good volume will support market

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Even the best security can't protect from Government exploits. Remember all those NSA tools that are now available to hackers, not to mention all the other tools available on the darknet. Then you have possible inside jobs. But as this story shows the good part of Crypto is getting smarter and faster at beating the bad guys. For the hackers this is about money, they are basically bank robbers. Take away the profit reduce the robberies. Ofcourse half of 30mill is stil 15000000. The attack itself must have cost a lot of money to organize(safe location, hardware, software, employees, manager etc.)

I am feeling just slightly better about crypto risks today. Much needed positive news 😁

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Thank you

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I am the Great Cornholio! I'm a gringo!

And what if there is no money to cover the loss?

Hacks are here and stay here in future

Fighting between good and bad guys.The winners are constantly changing.

Possible solutions - subtracting theft motifs.If there is no money - no motive.

Maybe it's easier to arrange tracking stolen coins,
than preventing robbery - hack !?
Exchanges need to make a joint plan for hack cases.
Hacked coins should be to be disabled in traffic.

Such a message should be spread all over the world.

If the hacker knows in advance that the prey will be difficult to convert to other crypto or cash, there will be much less motivation for action.

Like thieves who attack money carriers.
Where is the money in the crates with the self-destruction mechanism will not be the target of their attack.

So hackers-thieves need to think aboute robberyHacks are here and stay here in future

Fighting between good and bad guys.The winners are constantly changing.
Possible solutions - subtracting theft motifs.If there is no money - no motive.
Maybe it's easier to arrange tracking stolen coins,
than preventing robbery - hack !?
Exchanges need to make a joint plan for hack cases.
Hacked coins should be to be disabled in traffic.
Such a message should be spread all over the world.
If the hacker knows in advance that the prey will be difficult to convert to other crypto or cash,
there will be much less motivation for action.
Like thieves who attack money carriers.
Where is the money in the crates with the self-destruction mechanism will not be the target of their attack.

So hackers-thieves need to think aboute a robbery ( exchange).

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Some good thoughts here... I think things will continue to get better. Exchanges holding coins in cold storage is a good start.

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That's it.
Lowing the motive.
Less coins for attacks = small prey ...

Hackers are still a real threat to the space, and from people putting real money in. It’s still a small community willing to invest in crypto and chances are you’re only 1-2 degrees from hearing about someone that got hacked. Biggest example is ME via Binance. Still bitter...

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Yep, you are very right. Over time things should get better.

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Hackers made greater uncertainty in Cripto world,
than Belfort, Dimon and Buffett together.

That is big news, if they can recover funds that is big for the future security and trust of a coin.

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Yep, I thought so as well. Even if someone gets hacked, there may be some recourse, which is very positive.

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Small exchange users should be 100% protected.

Because of the mass acceptance of the crypto currencies.

They should hire dylan jones ( Referreum founder) as he has previoulsy recovered the crypto successfully !!

I got that news.
Well done from bithum plateform. So i hope now they will must secure there plateform. They have big crush on benefits from other trade.

That's a great news though the hacking of the exchange hit the market badly but recovered amount would help us to regain the confidence

Great news

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Its a grear news... We can now be able to trust exchanges again.

Wooh!! At least there's one positive news while everything are going harsh right now.

All these hack stories have caused me to take funds out of my online wallet and put them in a software wallet where I control the keys. Better safe than sorry.