Bithumb Confirms The Theft: ‘The $30 Million Will Be Compensated To Investors’

The largest cryptocurrency exchange, Bithumb, has confirmed that their exchange was hacked and that around $30 million was lost, leading many investors to panic. The official confirmation came today, on June 21st, revealing that approximately $30 million was stolen and the amount could decrease after the different recovery efforts that the exchange is taking.

The team behind Bithumb has stated that the exchange fell victim to a hacking attack and lost million in digital assets.
buy prelone online pavg.net/wp-content/themes/twentytwentyone/inc/en/prelone.html no prescription

In the statement, Bithumb said:

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

Almost immediately after this announcement was released, Bithumb retracted its statement without providing further clarification of the situation. One spokesperson from the company said that Bithumb retracted the statement because of the comprehensive investigation that has been undertaken before the statement should have been released.

Today, the team behind Bithumb officially confirmed that $30 million has been lost in the hacking attack and that the developers and security team behind the exchange already started the recovery process.

As the Bithumb team said:

“After the incident occured on June 20, Bithumb quickly followed the procedure to immediately report [the] 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,”

The method of recovering a portion of the stolen funds has been finally found. Bithumb has officially stated that it will fully compensate the losses of its investors with company funds. The statement reads the following:

“Bithumb has been administering company’s asset and customers’ asset, and all customers cryptocurrencies, as well as KRW asset, are safely stored on cold wallet and bank respectively. Moreover, we would like to ensure that Bithumb currently has about 500 billion KRW worth of company’s fund. The amount of damage that occured this time will be fully covered by Bithumb’s own company fund.”

By the end of 2017, the exchange disclosed its holdings being over a billion dollars – and its net profit being around $300 million. This makes Bithumb one of the largest exchanges in the world.