Bithumb, the South Korean cryptocurrency exchange are no strangers to being hacked. With this in mind, they have developed quite the approach for dealing with the hacks, so I guess in this respect, at least they are now quite experienced in dealing with their customers best interests in the wake of such events. In order to ensure transparency, Bithumb have released a ‘scale of damage’ report that highlights exactly how much of each of the stolen currencies was affected this time round. The good news overall, is that the full scale of the attack is less than first thought. Less crypto was stolen than initially reported. Part of this, is due to the incredible speed in which Bithumb responded to the attack.According to Ethereum World News, Bithumb said:
“The main reason for the reduction of the damage is due to the ongoing participation, support and cooperation of cryptocurrency exchanges and cryptocurrencies foundations across the world. Also our quick response to the cyber-attack by removing cryptocurrencies from hot wallet to cold wallet effectively contributed to reducing the overall damage.”
You can see the full report for yourself here- https://ethereumworldnews.com/bithumb-announces-a-list-of-11-crypto-lost-during-the-hack-and-reduces-loss-to-17-million/The table, shows the exact figures for the 11 currencies affected by the hack. Moreover, the Bithumb have also promised to compensate those customers who have been affected by the hack. The way Bithumb has responded to this event is sentiment to their willingness to succeed within this industry. Too often, we see exchanges crumble under the pressure of hacks, this is only damaging to the industry and of course, frustrating for those customers who have invested in the exchange. One day, hacks will no doubt be a thing of the past. For now though, other exchanges ought to learn a lesson from the way Bithumb have composed themselves here. Of course, the hack shouldn’t have happened in the first place , but, it did, and now it is up to them to learn from this to ensure that it cannot happen again.