Bithumb to Reimburse the Hacked 35 Billion Won

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One of the most popular cryptocurrency exchanges in terms of volume, Bithumb, was hacked on June 20, 2018. Reports said that the target token was XRP but the exchange would not comment further regarding the targeted coins.

10% of the global trading of XRP is transacted on Bithumb, amounting to $32 million worth of coins. It is still not clear what other assets was taken during the hack.

As of this writing, there are over 37 cryptocurrency listed on Bithumb and each of them is tradeable against the Korean Won. Along with XRP, EOS and TRON are two with biggest volume on the exchange with 31% and 32%.

Currently, the exchange has reassured victims that it will refund the stolen assets using its own reserves right after the incident was made public.

Despite the incident, the company was praised by bitcoin pioneer Charlie Shrem for taking action immediately.

The cause of the breach is still unknown but according to anonymous sources from the industry, Bithumb users received malicious emails that contained phishing links. It is suspected that this method was used by the hackers to obtain account information thus leading to the hack.

Bithumb was at the top 6 spot in terms of trade volumes and it dropped down to rank 10 after the incident as per marketcap sources.

Source: Cointelegraph, Coindesk

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Gino

    Spreading the word about blockchain and cryptocurrencies.