Bithumb hack: Retrieves $14 million in form of cryptos


The Bithumb hack that moved the market where $31 million worth of cryptos got stolen from the hot wallet of Bithumb, the South-Korean exchange yesterday rolled out a report yesterday stating that it has almost halved the losses reducing the damage by $17 million.

When the market started recovering from the slump it was experiencing and started gaining momentum, Bitcoin was on the verge of crossing the $7000 mark but the corrective rally ended followed up by the attack.

Earlier another attack on a South-Korean exchange which goes by the name Coinrail also faced an attack where almost $40 Million was siphoned off, the exchange was prone to attack as the exchange was a small one and had low trading volumes.

Subsequently, after the attack, Bithumb shifted its crypto-assets to a cold storage for additional safety, we also regard this move as a smart one, however, the volume of these assets was not small, Bithumb is one of the largest exchanges by trading volumes, it is also alleged that the shift of the crypto-assets to the cold storage increased the fees on the Bitcoin network, this was allegedly looking like another FUD but later was confirmed on a tweet by Sergej Kotliar that the transfer made by Bithumb actually soared up the Bitcoin fees on the network.

Sergej Kotliar confirming the hike in the transaction prices is due to Bithumb transferring their funds from hot wallet to cold storage  Image Source: Twitter

The Bithumb hack has brought a lot of FUD in the crypto-space, some allegedly were true and some were not, they published a report which detailed that they have halved their losses, after collaborating with worldwide exchanges to retrieve some of the funds, as well as to try and prevent further losses.

Damage report by Bithumb. Image Source: Bithumb

Here is the full report that they published on their site yesterday, Bithumb will be compensating its users today at 16:40(UTC+9).

Bithumb has already faced a lot in terms of attacks on the platform but its for sure the security of the platform will be up to date, more than ever.

Image Source for the featured image: qz.com


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