• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Bithumb Hack: Exchange Confirms It Will Reimburse All Users

Wilma Woo by Wilma Woo
4 years ago
in News, Bitcoin, Bitcoin Businesses, Bitcoin Exchange, Companies, News teaser
1

South Korea’s largest cryptocurrency exchange, Bithumb, has confirmed that it indeed lost 35 billion won ($31.4 million) in this week’s high-profile hack — which it will repay to users in full. 


Bithumb: Amount Lost Could ‘Decrease’

In an update posted on June 21, the Bithumb said it was beginning “recovery” processes and that the total losses from the recent hack could ultimately decrease. Officials announced:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bithumb is reducing the amount of losses through its ongoing disaster recovery. Future figures are expected to be lower.

Bithumb, which is the world’s sixth-largest exchange by volume,  originally revealed it had been attacked Wednesday.

The events mark further difficulties for the company — which saw multiple attacks in 2017 — and for South Korea’s booming cryptocurrency exchange sector, which earlier this month saw fellow operator Coinrail lose $40 million to hackers.

Prior to the most recent attack, Bithumb had agreed to pay authorities $28 million in backdated taxes — something which initially caused suspicion among commentators when it became known hackers had stolen a similar amount.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

"Sorry we can't pay those back taxes, we just got hacked and surprisingly for the exact amount that we owed you, sorry fam."

— WhalePanda (@WhalePanda) June 20, 2018

‘No Damage’ To Users

“We remind you once again that there is no damage to you,” Bithumb’s update meanwhile reassures users — reiterating that lost funds would be reimbursed using some of its $450 million in company funds. Bithumb also added that it would publish a financial report for the first half of 2018 in July.

Despite the apparent frequency of exchange vulnerability exploits affecting South Korea, the amounts involved still pale in comparison to neighboring Japan, where Coincheck lost $530 million to hackers in January. That event led to swift reform of the local industry by Japanese regulators, with Coincheck escaping shutdown via a buyout from online broker Monex.

South Korea continues to reshape its own legislative environment, hoping to bring both businesses and users in line with bans on anonymous trading and strict taxation demands.

What do you think about Bithumb’s handling of its hack? Let us know in the comments section below! 


Images courtesy of Twitter/@WhalePanda.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Wilma Woo

Wilma Woo

Related Posts

Argentina

Argentina NGO Spearheads Mission To Educate High Schoolers About Crypto

4 hours ago
Shiba Inu

Shiba Inu Extinction: Finder Panel Predicts SHIB To Have Zero Value By 2030

7 hours ago
Russia

Russia To Legalize Cryptocurrency As Form Of Payment, Minister Says

9 hours ago
Bitcoin

Bitcoin Open Interest Nosedives, But All Hope Is Not Lost

17 hours ago
USDC Exchange Reserves Start Fall, Dry Powder For Bitcoin?

USDC Exchange Reserves Start Fall, Dry Powder For Bitcoin?

21 hours ago
Terra

Terra – A ‘Pyramid Scheme’ – Threatens The Crypto Ecosystem, Billionaire Says

23 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.