As per an official statement on the Bithumb website, the company claims to have successfully retrieved an impressive 45% of all cryptocurrencies that were lost during the recent hack of the company’s servers. The announcement also saw Bithumb openly disclosing a detailed list of all the different assets that were stolen during the heist.

The Inside Details

After it was initially reported that hackers managed to get away with $31 Million worth of alt currencies on June 20, a new report shows that $14 Million of these funds are now under the custodianship of Bithumb once again — which still leaves nearly $17 million still unaccounted for.

Talking about their ongoing recovery efforts, company officials said that:

“The main reason for the reduction of the damage is due to the ongoing participation, support, and cooperation of cryptocurrency exchanges and cryptocurrency foundations across the world. At this moment, we will continue our recovery process as well as implementing preventative measures until this incident is fully resolved.”

Amongst the various currencies that were lost during the incident were big-name players such as Bitcoin, Bitcoin Cash, Ethereum, and Ripple. It is also worth noting that XRP accounted for a bulk of the theft followed by BCH and then ETH.

The Aftermath

As per Coinmarketcap, before this entire incident came to pass, the 24-hour trading volume of Bithumb lay somewhere close to the $400 million mark. However, since then, this figure has drastically dipped and it now stands at around $261 million.

Additionally, at press time, Bithumb has still not enabled any monetary transactions on its platform including asset withdrawals and deposits. In this regard, a company official said that:

“We would like to strongly ask our customers not to deposit any fund until the whole process of deposit service reformation is complete and until [a] further announcement is given.”

Whatever may be the case, one thing is certain that to avoid such misgivings in the future, the crypto sector as a whole needs to step up its security game.

Image courtesy of Shutterstock.com


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