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Bithumb to partner with cryptocurrency exchanges to recover losses due to hack

The South Korean exchange suffered a security breach in their exchange resulting in losses of around 35 billion Korean Won, equivalent to $31.5 million.

June 22, 2018 / 05:44 PM IST
Kraken | Founded in 2011, this US-based cryptocurrency exchange is now available in most countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT. The brokerage charged by Kraken is one of the lowest in the industry. Taker fee (order taker) is 0.25 percent and can fall as low as 0.1 percent with sufficient trading volume. Meanwhile, maker fee (order maker) can be nil with sufficient trading volumes.

Kraken | Founded in 2011, this US-based cryptocurrency exchange is now available in most countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT. The brokerage charged by Kraken is one of the lowest in the industry. Taker fee (order taker) is 0.25 percent and can fall as low as 0.1 percent with sufficient trading volume. Meanwhile, maker fee (order maker) can be nil with sufficient trading volumes.



South Korea's leading cryptocurrency exchange Bithumb, which got hacked on June 10, has announced that it will try to recover all their losses by using their own reserves and working with other agencies. On Thursday, they announced that they will be able to significantly reduce the amount of financial loss incurred.

The exchange suffered a security breach in their exchange resulting in losses of around $31.5 million. Korea Internet & Security Agency (KISA) confirmed the news of this hack on their official website. The crypto exchange said, "We have announced about 35 billion Korean worth of damages. Bithumb is reducing the amount of damage through on-going damage recovery, so future figures are expected to be lower." 

So far, no details have been disclosed about how the attack was done or which cryptocurrency was affected, however, it is speculated that Ripple (XRP) was targetted by the hackers. The exchange promptly shifted their remaining assets to cold offline wallets in order to prevent further damage. They also halted the deposits and withdrawal for the time being till the issue is resolved.

According to a report by CoinDesk, the Korea Blockchain Association called the hack "embarrassing." However, it also added that the exchange taking on hacking losses on itself is 'a good way to protect our users.' Korea Blockchain Association is a self-regulatory group comprised of exchanges and blockchain startups. If reports are to be believed the Korea Communications Commission, KISA and the National Police Agency are allegedly helping the investigation process for the exchange's security breach.
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