Tag: Bithumb

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Crypto News

Bithumb Cryptocurrency Exchange Platform Recovered About 50% Of The Stolen Money

The South Korean Bithumb cryptocurrency exchange platform, one of the most important in the world for its volume of transactions, announced yesterday, June 28th, that it had recovered about 50% of the amount stolen by hackers just over a week ago. Through a publication on its website, Bithumb announced that they had managed to reduce the cost of the damage caused by the cyber attack on June 19th, when a group of hackers stole the equivalent of 35 billion South Korean Won, approximately $31 million.

Thanks to the collaboration of other cryptocurrency exchange platforms from all over the world, approximately $15 million were recovered in cryptocurrencies, leaving the additional $16 million unrecovered, which could be compensated, however, to the victims of the cyber attack.

The Bithumb announcement reveals that, of the 11 different cryptocurrencies that were hacked, the ones that generated the most significant deficit were bitcoin (BTC), Ripple (XRP) and Ethereum (ETH).

Deposits and withdrawals are still halted on Bithumb cryptocurrency platform

The exchange platform has so far suspended both deposits and withdrawals and has not yet given an approximate date for when these operations can be carried out again.

Bithumb platform’s strategy of establishing alliances with other cryptocurrency exchange platforms to recover the stolen funds had already been announced earlier, shortly after the attack. On that occasion, they also mentioned that Bithumb cryptocurrency exchange platform possesses a fund of $500 million, which is destined to cover losses of a potential cyber attack that might affect the platform, as it happened last week.

One of the consequences of the cyber attack on Bithumb was momentary congestion of the Bitcoin (BTC) network, a few hours after the attack occurred. The delay in confirming transactions is attributed to this event, since, as a security measure, the remaining funds from the platform’s BTC wallets were transferred to a cold wallet where they would be held in a procedure known as consolidation.

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Crypto News

Bithumb Cryptocurrency Exchange Platform Will Cover All The Losses Caused By The Recent Cyber Attack

Bithumb, one of the most significant South Korean cryptocurrency exchange, stated yesterday, June 21stm that it teamed up with other crypto exchanges and Korean governmental agencies to apply a reliable method to recover funds recently stolen during a cyber attack.

Participating in this investigation are the Korean Communications Commission, the National Police Agency, the National Internet Development Agency, and the Korean Internet Security Agency (KISA).

Bithumb cryptocurrency exchange announced that it would cover all the clients’ losses

Bithumb is struggling to reduce the damages triggered by the cyber attack on its platform that took place Wednesday when the hackers subtracted about $31 million. Even though the company was undecided regarding whether to announce the theft publicly, it is now clear that Bithumb will indeed cover its clients’ losses and will recommence its regular operation ASAP.

We verified that some of the crypto coins valued at approximately $31,000,000 in cryptos were stolen. The stolen cryptocurrency will be covered by Bithumb and all assets will be transferred to a cold wallet.

Bithumb

The cryptocurrency exchange platform has $1 billion in annual profits, according to 2017 stats, of which $500 million are specifically kept available to compensate for such cyber attacks.

Bithumb also made sure that all deposits and withdrawals from the platform were stopped, as well as the remaining assets were transferred to offline hardware wallets as a security method to avoid further monetary losses.

The South Korean Blockchain Association (KBA) called the cyber attack “shameful”

The South Korean Blockchain Association (KBA) described the theft as “shameful,” while they also noted that the issue is being handled well by cryptocurrency exchange platforms and promises to protect users from future cyber attacks.

The announcement also states that KBA will continue to work to develop and implement standards for the protection of users’ investment in the cryptocurrencies market, to improve the security of cryptocurrency exchange platforms, and to establish standard conditions for the resolution of legal disputes.

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Crypto News

Bithumb Cryptocurrency Exchange Was Hacked – Hackers Have Stolen $31 Million In Cryptos

The South Korean Bithumb cryptocurrency exchange platform, one of the most important in the cryptocurrencies market, suffered a hack on its platform on June 19th, through which about $31 million in cryptocurrency was stolen.

The information was provided by the company through its Twitter account, where it announced to the public that due to hacking, all deposit and withdrawal services were suspended to ensure security, adding that the stolen cryptocurrency would be covered by the cryptocurrency exchange platform and the assets transferred to a cold wallet on an offline platform.

Hours after the announcement the next tweet was deleted, for no apparent reason, and they only mentioned not to deposit on their platform while they do security checks and also alerted users of the platform to the change their passwords.

It should be noted that as soon as the hacking announcement was made, the cryptocurrencies market suffered a depreciation, with Bitcoin (BTC) falling over $200 within a few minutes.

Bithumb becomes the second South Korean cryptocurrency exchange platform to be hacked within about two weeks

Bithumb is one of the most important cryptocurrency exchange platforms in South Korea, with the second largest volume in the market.

Among the Bitcoin (BTC) exchange operators in the world, it is ranked 21st, with a daily volume of about $40,500,000 in BTC exchanges and totaling $381,000,000 in other cryptocurrencies exchanges.

Bithumb launched in 2013, and the South Korean media reports that by the end of 2017 the cryptocurrency exchange platforms had reserves of about 6.918 billion dollars.

With this cyber attack, Bithumb cryptocurrency exchange platform becomes the second South Korean crypto coin dealer to fall victim to a hack in less than two weeks. On June 10th, another cryptocurrency exchange platform in that country, Coinrail, also suffered a hacking operation where 30% of its funds were stolen, a fact that is currently under investigation by the Korean Internet and Security Agency (KISA).

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Crypto

Bithumb Cryptocurrencies Exchange Plans On Launching Its Own ICO And Crypto Coin

South Korea’s renowned exchange house, the Bithumb cryptocurrencies exchange, is planning to launch an ICO and to issue its own crypto coin.

According to local reports, Bithumb initial currency offer, or ICO, would take place in Singapore in view of the fact that this fund-raising scheme for blockchain projects is banned in South Korea. So far, Bithumb has not confirmed the information, but it is given as true by TokenPost, which means that meetings have been held with investors and institutions.

“We know that the BitHumb crypto coin is routed through a local subsidiary acquired, at its turn, by a subsidiary of Bithumb. Details such as the date of issue and the amounts of cryptocurrencies have not yet been confirmed,” a spokesman for the exchange office was quoted as saying.

Bithumb follows the strategies already implemented by Huobi and Binance

Thus, Bithumb follows in the footsteps of the Huobi exchange house, which recently announced its plans to issue 500 million tokens based on blockchain technology, though not through an ICO, but would only be allowed to obtain it from those already registered in the exchange, this perhaps because of China’s strong cryptocurrencies regulations in that regard.

Another example is the Binance exchange house, which already has its own cryptocurrency, the Binance Coin (BNB), which allows its users to trade with other cryptocurrencies at low operating costs, in addition to the exchange house burning some chips to increase their shortage and encourage the increase in their value.

South Korea banned the ICOs during the past year, due to some cases scams and investment frauds that were hidden under this fund-raising scheme, something that certainly does not please the authorities. This has led some businessmen and academics to pronounce themselves in favor of fewer prohibitions and more support for blockchain.

However, Bithumb, the renowned South Korean cryptocurrencies exchange, will launch its own crypto coin and will hold an ICO in Singapore, to evade the cryptocurrencies regulations from South Korea.

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Crypto

Bithumb To Introduce P2P Cryptocurrencies Payment Platform For Social Networks

The Bithumb cryptocurrencies exchange, the second largest in South Korea, will launch a platform of peer2peer (p2p) payments for social networks, which could be called SNS Pay, and which will offer services to share, bill, and market products registered in social networks and blogs.

The information was disseminated through NextGen Systems and explains that the new platform will allow you to buy products directly on social networks, without having to search for an online store. In this regard, an unidentified spokesperson from Bithumb told that one of the objectives was to significantly increase the conversion rate that leads to the purchase, in addition to reducing transaction costs.

In parallel, in partnership with Wincube Marketing, a Korean e-commerce site offering coupon services, the company announced that it will sell 12,500 types of mobile coupons of 600 brands.

The coupons will be offered through gift certificates so that customers can use their cryptocurrencies or the Korean Won to buy.

The Bithumb plan, according to the publication, is to increase awareness that cryptocurrencies can be used as real money and not only as an investment, which is consistent with what seems to be one of the main goals of Bithumb in order to facilitate greater adoption, knowledge, and use of cryptocurrencies in South Korea.

Consequently, the Bithumb cryptocurrencies exchange has taken several initiatives

The most recent is the integration into 6,000 new points of sale of cryptocurrencies, as well as the alliance with Bitpay to process international payments with the United States, including the launch of a line of kiosks and ATMs that work with cryptocurrencies assets.

Bithumb is one of the largest exchange operators in South Korea and is currently offers the possibility to exchange 15 cryptocurrencies, including Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Tron (TRX), Litecoin (LTC), Monero (XMR), among others.

It should be noted that South Korea is one of the countries with the highest proportion of active users in terms of the use of both social networks and cryptocurrencies. 84% of the South Koreans are active in social networks, according to Statista data, and more than 40% of the adults are familiar with the concepts of cryptocurrencies and blockchain technology.

South Korea is a booming market, which grew more than 8 times between 2016 and 2017, generating an increase both in the number of cryptocurrencies exchange operators and in their profits.

Now Bithumb takes initiative to introduce a peer2peer (p2p) payment platform for social networks to ease up the cryptocurrencies acceptance and usage.

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