Bithumb Working With Other Crypto Exchanges to Recover Hacked Funds

South Korea's Bithumb cryptocurrency exchange said Thursday that it may be able to reduce the financial damage arising from a multi-million dollar hack earlier this week.

"We have announced about 35 billion Korean won of damages ... Bithumb is reducing the amount of damage through ongoing damage recovery, future figures are expected to be lower."

It explained that it was working with cryptocurrency exchanges and others to prevent further losses and retrieve the funds.

Further adding that the exchange keeps company and customer funds separately, the update said: "The company believes that you can use Bithumb safely."

News of the hack broke Wednesday after Bithumb confirmed that attackers had managed to access their systems and stolen the millions in cryptocurrency.

In what is likely welcome news for customers, Bithumb has also stated that it would cover the losses arising from the breach from its own reserves.

In a press release issued today, the Korea Blockchain Association, a self-regulatory group comprised of exchanges and blockchain startups, called the hack "Embarrassing," but added that exchanges taking on hacking losses is "a good way to protect our users."

The association continued to say: "We will continue to establish standards for user protection such as security, standard conditions and dispute settlement procedures that cryptocurrency exchanges should have."

According to an article from CoinDesk Korea, also published today, the agencies that are helping investigate the breach include the Korea Communications Commission, KISA and the country's police agency.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.