One of the largest South Korean cryptocurrency exchanges, Bithumb, was able to almost halve the damage from a large-scale hacker attack, thanks to its cooperation with other cryptocurrency platforms across the world. “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 platform said in the official statement.
Why it is important
- Earlier, the exchange has promised to return the funds to users. The amount of the damage was stated to be covered in full through Bithumb’s own fund, which is estimated at $450 million. 1. Currently, withdrawals opportunity remain frozen at the exchange, Bithumb continues to strongly recommend its users not to make any deposits to the platform until the system will be fixed, as many users are not following the recommendations.
Earlier, it was reported that the financial losses of the exchange amounted to 35 billion won ($31 million), but thanks to external financial injections, this amount was reduced to 19 billion won ($17 million).
For the first time since the cyber attack the exchange has unveiled which exactly cryptocurrencies were stolen and their exact amount.
According to the data from CoinMarketCap, after the hacker attack, the trading volumes of the exchange fell from $400 to $124 million per day. Crypto exchange also had to suspend the deposit and withdrawal of assets.
Bithumb is one of the largest stock exchanges in Asia with 24h volume $270 million.