Crypto Exchange Bithumb Reduces Hack Loss Estimation From $31 Mln to $17 Mln

Hacked South Korea crypto exchange Bithumb has lowered the estimated amount of money lost in the hack from 35 billion won (about $31 million) to 19 billion won (about $17 million), according to a support announcement Thursday, June 28.

Bithumb first reported the hack on June 20, temporarily suspending all deposits and withdrawals. The South Korean Ministry of Science and Technology has since launched a probe into the causes behind the hack.

Bithumb writes today that the “main reason” for lowering the loss estimation to $17 million is the “ongoing participation, support, and cooperation of the cryptocurrency exchanges and cryptocurrencies foundations across the world,” also noting their removal of their crypto holdings from a hot wallet to a cold wallet as helping stem the damage.

Today’s announcement lays out the 11 cryptocurrencies that were stolen, with 2,016 Bitcoin (BTC) taken, worth about $12.3 million by press time, and 2,219 Ethereum (ETH) taken, worth about $965,000 by press time.

Bithumb hack damage report (total value shown in won). Source: official announcement

Bithumb still asks users to refrain from making any deposits until a further announcement is released.

Crypto exchanges have reacted differently to hacks, with some situations, like Bithumb, resulting in a promise to reimburse all customers affected, and others, like BitGrail, leading to legal battles and a seizure of the firm’s wallets.