Here’s What Happened In The Bithumb Attack

Here’s What Happened In The Bithumb Attack
Yesterday, South Korean cryptocurrency exchange suspended trading as a result of a very large-scale hack, that is alleged to have seen the exchange lose around $31 Million worth of assets. Because of this and in an attempt to secure the system, Bithumb have suspended trading activities for customers. Since the news of the attack broke out, Bithumb have made every effort to secure the remaining assets and have since uploaded a post on their website in order to inform users about what has actually happened here. You can see the full post by Bithumb, here- (note that an English translation is available further down the page). Overall, Bithumb did estimate that the damage caused by this hack was in excess of $31 Million, however, as reported, as the team get on with recovering assets, this estimation is being drastically reduced, as it stands, Bithumb are promising to announce the full scale of lost assets at a later date. Importantly, Bithumb are promising to use company funds to reimburse customers that have lost assets as a result of this. In order to improve security (this isn’t the first time Bithumb has been hit by a recent, large scale attack), they company are going to improve their wallet system by enhancing network security, therefore, for the time being the Bithumb system will remain offline. As it stands, they are unable to give a full estimation on when this upgrade will be completed. Moreover, according to Bithumb, they are now carrying out an investigation with KIDA, the National Police Agency and certified security professionals, they state:
“Bithumb is committed to prevent any recurrence of cyber-attack of any damage in the future in order to secure and protect out customer’s asset. At the same time, we are working hand in hand with governmental institutions as well as security professionals including KIDA, National Police Agency and AnLab to find out the exact cause and make an improvement.” [sic]
“We will analyse and study this incident in order to ensure that this sort of incident will never happen again. And we will establish more systematic procedure and action to prevent and deal with such incident for the future.” [sic]
For now, Bithumb promise to get this sorted and in doing so, will ensure customers are kept informed every step of the way. Whilst this is a bad hack that has caused significant damage, it could have been far worse. Let’s hope for the sake of Bithumb, this is the last time we have to report news like this., regarding Bithumb and yet another, large scale attack.
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