Bithumb Recovers About Half of its Losses, Will Now Begin Compensation

Bithumb, which was recently hacked for roughly $31.5 million worth of cryptocurrencies, recently claimed it managed to retrieve about $14 million, and detailed a compensation plan for its users.

This news will certainly come as a major source of relief to all Bithumb users. The exchange had promised its users that they will be refunded in full around a week ago. Now a week later we’re learning today that Bithumb has successfully halved its losses by taking the right steps. According to an update published by the company around $14 million have been recovered, leaving the loss to $17 million.

• 2,219 ETH ($950,000)
• 692 BCH ($487,000)
• 2 million XRP ($2.4 million)

It further touted that the damages weren’t more severe thanks to its quick response, as Bithumb quickly moved most cryptocurrencies from its hot wallets to cold storage.

According to Bithumb, this recovery was largely due to collaboration from other cryptocurrency exchanges that tracked down the hackers’ activities and ensuring that the funds were returned to their original wallets. It also said that the rapid movement of coins from its hot wallet into cold storage helped to quell any damage.

Along with an apology for the inconvenience that the breach may have caused some of the traders that used the platform, Bithumb also announced that it would be airdropping coins to those affected by the hack, adding an annual interest rate of 10% “over the period of the event.” This appears to be an attempt to incentivize holding coins instead of moving them off of the exchange.

KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.