Cryptocurrency Exchange Bithumb Announces Recovery Of $14M USD In Hacked Cryptos

Announcements, News | June 29, 2018 By:

South Korean cryptocurrency exchange Bithumb has announced that it has recovered nearly half of the funds stolen in a recent hack.

On June 20, Bithumb announced that it lost 35 million won ($31M USD) worth of cryptocurrencies to hackers, temporarily suspending all deposits and withdrawals. Since then, the exchange has been collaborating with worldwide exchanges to retrieve some of the stolen funds.

In an update posted on its website on Thursday, the exchange said it had already recovered more than 45 percent of the stolen funds, reducing the value to just under 19 billion won ($17M USD). Bithumb also disclosed that 11 different cryptocurrencies were stolen during hack, including BCH, BTC, ELF, ETH, ETHOS, GNT, HSR, KNC, OMG, VEN, and XRP. Bitcoin accounted for the largest loss, with 2,016 BTC taken.

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

The company also announced that it will be organizing an airdrop event as a compensation to users. For the inconvenience of keeping customers’ coins tied up, Bithumb is offering interest between the time of application to the date they are fully compensated.

“The annual interest rate of 10% will be prorated over the [compensation] period, hence the longer you hold, the higher compensation becomes,” Bithumb said. “The amount of cryptocurrencies held will be calculated from 8:00 PM ~ 9:00 PM (UTC+9) each day starting from the date of application until the end of the [compensation] period. The equivalent value of cryptocurrencies will be given away in a form of an airdrop (the type of cryptocurrency is not decided yet).”