Bithumb to reimburse users hit by hackers

June 22, 2018
Chris Wheal

Bithumb, the South Korean cryptocurrency exchange, has confirmed it will reimburse users who lost money earlier this week when hackers stole $30m from its hot wallet.

Bithumb exchange to repay losses from recent hack: Shutterstock

In a progress report posted on its blogsite on Thursday night that it was continuing disaster recovery efforts following the attack on Tuesday.

Reimbursement and compensation

The exchange also promised it would reimburse any losses to customers affected by the attack and compensate for delays in restoring the service.

“The amount of damages incurred will be fully covered,” Bithumb said in the message, adding: “The company has prepared a way to give back to the members such as compensation event for this delay (Google translation).”

Cyber attacks in 2018

The attack on Bithumb marks the second major hacking of a South Korean crypto exchange this month after Coinrail said it had been hit by a “cyber intrusion” in which it lost around $35m.

Both of these pale alongside this year’s biggest cyber attack on a digital currency exchange, however, when in January Japan’s CoinCheck had $530m in NEM tokens stolen.

Cybersecurity company Carbon Black has estimated this week that around $1.1bn worth of cryptocurrencies have been stolen so far in 2018 through hacks on exchanges.

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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