Bithumb Resumes Post-Hack Operations
Bithumb Resumes Post-Hack OperationsSouth Korea cryptocurrency exchange has announced today on a blog post that it will resume partial operations following a hack in March, in two days’ time on 17 May, this Friday.
The exchange will begin operations with only three cryptocurrencies for the time being, allowing trading for Ripple (XRP), Bitcoin Cash (BCH) and EOS. This was intended to “minimize the inconvenience to members until the resumption of deposits and withdrawals“.
“At the moment when the security enhancement that we anticipate will be completed, deposit and withdrawal will resume in about a month. We will proceed with the resuming sequentially considering the price difference and service stability.”
In March, the exchange was infiltrated by hackers who successfully made away with EOS 3 million, which was at the time worth USD 13 million. Primitive Ventures’s Dovey Wan had revealed then that the exchange’s hot wallet was compromised, allowing hackers to siphon off EOS and transfer them out to other exchanges such as. Binance CEO Changpeng Zhao had announced at the time that his exchange had not received any of the stolen funds. His own exchange was to be the subject of a hack earlier in May, losing USD 40 million in Bitcoin, but was fully covered by its own security funds.
Bithumb has been working with the KISA, Cyber Police Agency and other security companies, as well as with other exchanges, to track the stolen funds.
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