Bithumb exchange downgrades 20 June hack to $17m

June 28, 2018
Chris Wheal

On 20 June South Korean crypto exchange Bithumb announced a 35bn won hack. Bithumb has now slashed this estimate to 19bn won, equivalent to around $17m. A chunky downgrade from its earlier loss.

“The main reason for the reduction of the damage is due to the ongoing participation, support and co-operation of cryptocurrency exchanges and foundations across the world,” Bithumb said today in a statement.

Bithumb hack losses have retrospectively been cut back hard; credit: Shutterstock

It went on: “Also our quick response to the cyber attack by removing cryptocurrencies from hot walled to cold effectively contributed to reducing the overall damage.”

Bithumb to cover all losses

The South Korean exchange takes full responsibility for the hack. It has already agreed to re-pay victims from its own reserves. Today, Bithumb confirmed that 11 different type of cryptos were stolen: more than 2,000 BTC worth around $12m and more than 2,200 ether worth $950,000. 

Bithumb is the sixth biggest global exchange by 24-hour volume however trading volume suffered significantly following the hack; the company halted deposits and withdrawals.

South Korean exchange Coinrail reported a $37m hack earlier this month. Extensive South Korean exchange checks continue in a fresh tax clampdown from government authorities meanwhile.

Bithumb’s updated 28 June report; credit: Bithumb

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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