South Korean Bithumb To Repay Funds Stolen in Recent Hack
South Korea-based cryptocurrency exchange Bithumb revealed on Thursday a plan to “fully recover” investor assets stolen in a KRW 35 billion (USD 30 million) hack yesterday. To avoid further damage the company has temporary frozen client accounts.
“...we ask our customers not to make deposits into current Bithumb wallet addresses in other to prevent any possible damage. We are also thoroughly undergoing KRW withdrawal services if there is any possibility of cyber-attack. Once the review is complete, KRW withdrawal service will be resumed,” the company explained.
The trading platform will use its KRW 500 billion fund to cover the damages.
“The amount of damage that occurred this time will be fully covered by Bithumb’s own company fund, hence all our customer’s assets intact and fully secured,” the company said.
Bithumb is cooperating with Korea’s Internet and Security Agency (KISA) and the National Police Agency.
“After the incident occurred on June 20, Bithumb quickly followed the procedure to immediately report [yesterday] incident to KISA announcing that about 35 billion Korean Won worth amount of cryptocurrency was stolen. However, as we undergo recovery process on each cryptocurrency, the overall scale of damage is getting reduced. Hence, we expect that the overall damage will be less than the amount we initially expected,” CEO Heo Back-Young wrote.
[Jun 20th Incident Report]
We would like to share with you the events that took place on June 20, 2018 and the steps we're taking to ensure that your asset is safe and secure with Bithumb.
— Bithumb (@BithumbOfficial) June 21, 2018
“Moreover, we are currently considering to provide a form of compensational event for current withdrawal delay and an announce will be made in a due course.”, he added.
Bithumb is one of the leading global cryptocurrency exchanges. It supports more than 35 digital coins, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETH), Dash (DASH) and Zcash (ZEC).
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