Author: Gan Jia Ci
Yesterday, the South Korean cryptocurrency exchange issued an official notice regarding the recent cryptocurrency hack that resulted in a loss of approximately $31 million.
Bithumb had temporarily transferred its funds over to cold storage to minimise damages, and it has now finally revealed plans to reimburse affected investors by working with other exchanges to recover the funds.
In a official update post on its site, Bithumb mentioned that despite having reported a $31.5 million loss to the Korea Internet and Security Agency (KISA), it may be able to reduce the total loss.
“We have announced about 35 billion Korean won of damages to KISA. Bithumb is reducing the amount of damage through ongoing disaster recovery, future figures are expected to be lower.”
Bithumb is currently collaborating with other cryptocurrency exchanges to prevent future hacks from happening and to recover some stolen funds.
While a compensation has been promised to investors, they are unlikely to recover the funds before the investigation concludes. Bithumb is also currently working with the Korea Communications Commission, the National Police Agency and the KISA to conduct investigation.
Meanwhile, withdrawals and deposits are still being suspended for the time being. However, the notice did specify that Bithumb is planning to resume the services soon. It is currently working on improving the wallet system and has deployed a “dedicated team of network and security experts”.