Following the hack in June that saw South Korean cryptocurrency exchange Bithumb robbed of $30 million in digital assets, reports have now surfaced regarding a significant recovery of funds.
According to a press release, the Czech trading platform Changelly has been assisting Bithumb in recuperating funds via the implementation of AML procedures and restriction of API access to wallets that were flagged as suspicious.
Using these processes, Changelly has managed to reclaim over 1 million Ripple (XRP) tokens worth almost half a million US dollars and refund the assets to Bithumb. This adds to the $13 million worth of Bitcoin (BTC), Ethereum (ETH) and XRP digital assets that Bithumb was able to recover immediately following the hack by cooperating with prominent industry organizations. The remaining $17 million worth of assets were thought to be lost forever, but now it seems there is hope that further assets may be recovered.
Changelly chief executive Ilya Bere spoke optimistically of the continuing efforts amongst the crypto community to improve security and fight fraud and thefts.
“This case sets a precedent for how the joint work of the key players in the cryptocurrency market can positively affect the industry,” he said.
As thefts and hacks continue to plague the crypto community it has become more important than ever for exchanges to work together in this manner to help reduce the impact. It’s estimated that almost one billion dollars in cryptocurrency have been stolen this year through various thefts and exchange hacks.