Cryptocurrency platforms are not particularly immune to widespread computer hacking, which has become a real war machine and rages through unscrupulous means. Bithumb was a victim. The crypto-stock market would have recently lost a total of 35 billion won, or 30 million dollars without his knowledge, thus decreasing its notoriety and the debilitating among its users. However, the company agrees to refund all lost funds.
Before massive piracy, Bithumb was making its sixth place in terms of trading volume. She then dropped to tenth position following the incident.
Very quickly after the theft, the company moved its funds into cold wallet (wallet not connected to the internet) to ensure the security of its digital assets. It is now ready to compensate its users and works with other crypto-scholarships to recover the funds.
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Reassure the users of the trading platform
According to an update on the website of the company:
"We announced about 35 billion Korean won in damages and interest to KISA. Bithumb reduces the amount of damage through a disaster recovery plan, the total loss of piracy will be lower than the current figure. "Users will be notified throughout the evolution of the ongoing investigation and the actions taken following the theft. Bithumb is keen to reassure them by praising its turnover that exceeded the 100 billion won mark at the end of 2017. The financial reports for the first six months of 2018 will be published in July.
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"Customers can use Bithumb safely," the company will announce in the coming days a detailed schedule of deposit and withdrawal services in place. In parallel, it intends to make adjustments and improvements to its wallet system to ensure perfectly the protection of cryptocurrencies.
Bithumb reacts quickly
Knowing that the investigation is still ongoing, the details of the hacking remain unclear for the moment. The only information that the company has about a hot wallet (connected to the internet) hacked into the night of June 19th.
Once the theft detected, the standard security measures were applied including the temporary suspension of all deposits and withdrawals on the market:
"Bithumb urges customers to deposit no funds in Bithumb wallet addresses for now"In any case, the update posted by Bithumb confirms the close cooperation between the Korea Internet & Security Agency and the crypto-purse in order to thoroughly investigate the theft.
Cointelegraph reported in a previous report the concerted efforts of the Korean Ministry of Science and Technology (MIC)as well as other organizations to investigate the incident. Also, Bithumb intends to adopt systematic measures to prevent and curb this kind of scourge.
What do you think of Bithumb's initiative to reimburse its users with its own funds? Tell us in the comments section below.