Bithumb Revises Estimate of Exchange Hack Losses

 

 

 

Bithumb has announced that the amount of cryptocurrency stolen during a recent hack of the South Korean cryptocurrency exchange is substantially less than initial estimates suggested. In an online announcement released on Thursday, the company reported that hackers stole roughly $17 million in cryptocurrency. Bithumb had originally estimated losses totaling $31 million.

The company credited a variety of factors for mitigating losses, including cooperation from other exchanges around the world and its own quick response to the hack. Bithumb has confirmed that it moved customer holdings to cold storage once the attack was recognized, which helped to protect those cryptocurrencies from the attackers.

The theft included the loss of 2,016 Bitcoin, 692 Bitcoin Cash, 2,219 Ethereum, and more than 5 million XRP (Ripple). The company has announced that customer funds are “safely stored in cold wallet and bank,” and noted that the exchange has roughly 500 billion wan secured in its company fund. In addition, Bithumb has also confirmed that the exchange is altering its wallet system to provide better protection against future attacks of this nature.

South Korean authorities are currently investigating the hack. Bithumb is cooperating with the National Police Agency and other government officials to identify how the hack occurred and make improvements that can prevent further hacking attempts.

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Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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