Bithumb Recovered Half of the Last Attack’s Losses: How is it Possible?
The ninth largest cryptocurrency exchange in the world, Bithumb halved the losses of the latest cybercriminal attack.
As previously reported by Coindoo, Korean Bithumb suffered a cybercriminal attack from late 19th to early morning of 20th June. At the time of identification, the losses reached 35 billion Korean won or $ 31 million.
According to the report published by Bithumb on 28th June, half of the lost funds were recovered following several collaborations with external partners. In the same report, it was specified that hackers stole from 11 crypto assets, the biggest loss being registered in the BTC – more than $ 13 million.
“The reason for the decline was because we were able to quickly take custody of the cryptographic wallets of all cryptographic currencies, collaborating with the Cryptographic Fund and the Worldwide Cryptographic Exchange to preserve some of the money we expected to be seized. We will continue to work to prevent further damage and recover the damage until the incident is over,” Bithumb wrote.
Other large losses identified by the company are 2,219 Ethereum, 692 Bitcoin Cash, and 5,2 million XRP. The rest of the crypto assets are less well known and recorded lower losses. According to the cryptocurrency exchange, the investigation was not finalized- yet, thus the suspension of deposits and withdrawals remain valid.
After the incident, Bithumb sales fell considerably, from $ 400 million to nearly $ 135 million – according to CoinMarketCap.