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Bithumb Reduces Hack Losses to Almost Half of Initial Estimates

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South Korean Crypto Exchange Bithumb has managed to recover almost half of its losses following a hack earlier this month.

Initially, hackers were thought to have made off with over $30 million in assets but with support and cooperation from other exchanges, Bithumb has managed to bring that figure down to $17 million.

The theft occurred on June 19 and resulted in all deposits and withdrawals being suspended while remaining assets were moved to cold wallets. At the time an 11 percent drop in the price of Bitcoin (BTC) was blamed on the hack but has subsequently been found to be the result of normal market fluctuations.

An investigation into the hack was launched by the South Korean Ministry of Science and Technology. With the help of the Korean Internet & Security Agency and in cooperation with the police, they began analyzing possible causes for the hack and what allowed it to happen.

Bithumb was quoted as saying that thanks to ongoing participation and support from cryptocurrency foundations across the world they were able to recover much of the funds. In the announcement, it provided details of 11 cryptocurrencies that were stolen including an amount of 2016 Bitcoins, 2219 Ethereum tokens and 5.2 million XRP.

Users are asks to not make any deposits until investigations are complete and a further announcement is made.

Image From Shutterstock

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