Bithumb Recovers Half of Stolen Funds From $31 Million Hack

Last week, Bithumb - one of South Korea's largest digital currency exchanges - was hacked for $31 million in various cryptocurrencies.

Announced on June 28, 2018, Bithumb confirmed the recovery of nearly half the stolen funds.

Reported on June 19, Bithumb temporarily suspended withdrawal and deposit services following a 35 billion KRW hack on its exchange.

Announcing progress since the hacking, Bithumb confirmed in a blog post that nearly 16 billion KRW has been recovered, reducing damages by almost half the original amount.

In the update, Bithumb revealed that 11 cryptocurrencies were stolen during the large-scale hack - Bitcoin making up nearly three-fourths of the total amount lost.

In collaboration with the Cryptographic Fund and Worldwide Cryptographic Exchange, Bithumb was able to seize custody of lost hot wallets and begin recovering some of its funds.

Bithumb reassured hack victims they will be fully compensated for their stolen funds.

First issuing free commission fee coupons, Bithumb outlined in its blog post that users will be compensated in the form of a cryptocurrency airdrop.

Bithumb has not yet confirmed which type of cryptocurrency will be used in the airdrop.

Bithumb continues to rank in the top ten largest cryptocurrency exchanges by 24-hour trading volume, according to market cap data.