Bithumb Cuts Hack Losses By 46%

Bithumb Exchange Hack South Korea

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated:

June 26, 2023 06:53 EDT

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The major Korean crypto exchange Bithumb, has announced that it has cut their hack losses from the initially reported KRW 35 billion to KRW 19 billion (USD 17 million).

For that, they thank the support and cooperation of other exchanges and crypto foundations across the world, as well as their quick move of coins from hot wallets to cold ones.

“We will continue our recovery process as well as implementing preventative measures until this incident is fully concluded,” according to the announcement.

On the topic of damage, the biggest victim was Golem (GNT) with more than a million coins stolen. However, when converted to fiat value, it comes out to around KRW 340 million, or USD 304,911. In terms of fiat value, the biggest victim was Bitcoin (BTC), although having lost 2,016 coins, that comes up to a steep KRW 14 billion, or USD 12 million.

Lost coins during the hack
(June 27, 4:00 PM (UTC+9)
‘Value’ column shows price of a coin in USD, ‘Total value’ is in KRW.

The exchange also warns customers that they should not make any deposits for the time being, until they complete the whole process of deposit service reformation.

The company is also organizing a compensational airdrop event to express their “appreciation and acknowledgment for our customers’ understanding and appreciation.” The commission-fee free coupons are available for purchase from June 28th, each day. All members of the exchange who applied for compensation may participate. A more detailed announcement is to come.

The cryptoverse has seen its share of problems ever since the hack: the whole of South Korea was shaken and investors were unsure if they could trust any other exchange. Upbit is also rumored to have been hit by a hack, although the exchange denies it.