Bithumb retrieves $14 million of stolen funds thanks to collaboration with global exchanges

Bitcoin, Ether and XRP among the coins stolen during the June 20 hack

Bithumb retrieves $14 million of stolen funds thanks to collaboration with global exchanges

Major South Korean exchange Bithumb has published a new update, claiming that it had recovered nearly 50% of the funds stolen in a recent hack, Coindesk has reported.

Bithumb announced on June 20 that it had been hacked and around $31 million worth of cryptocurrency had been stolen as a result. The crypto exchange said at the time that it would use its own funds to reimburse investors. A day later, the company said that it was working with digital currency exchanges and others to prevent further losses and retrieve the funds, adding that “future figures are expected to be lower”.

In its latest progress update published today, Bithumb indicated that it had reduced the damages to $17 million, as a result of its collaboration with global crypto exchanges.

In this update, Bithumb also provided information about the digital coins that were stolen during the hack. According to the update, 11 digital currencies were affected, including the four largest coins on the market – Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH). Bitcoin accounted for the biggest loss, with 2,016 BTC, worth over $12 million at current price levels, stolen. Other notable losses include 2,219 ETH, 692 BCH and 5.2 million XRP.

Bithumb also explained that because the incident was not yet concluded it would continue its suspension of asset deposits and withdrawals on the platform.

The exchange’s trading volumes have taken a significant hit in the day’s following the hack. According to recent data from cryptocurrency tracker Coinmarketcap, Bithumb’s 24-hour volume currently stands at just over $130 million, significantly lower than the roughly $400 million it was generating before the hack. At current volume levels, Bithumb just barely retains its position in the top 10 of crypto exchanges, with 11-placed BCEX platform boasting 24-hour trading volume of just under $130 million.

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