Earlier this month, Bithumb experienced an unexpected hack of almost half of its trading cap. ($31 million). The company promised to do everything in their capacity to recover and subsequently reimburse the lost funds to its user’s even if it means paying from their personal pocket. They have been working day and night to see that this goal of theirs is achieved.
Experiencing a hack by exchanges and subsequent loss of funds could be disastrous in our today’s world, as this completely create a bad name for the company involved. Most cryptocurrency exchanges that passed through the same fate were forced to take either a net loss or issue IOU tokens to their customers, as is the case of bitfinex who took the IOU route in the past. It was not an easy experience for bitfinex but they have managed to repay its customers after all said and done.
Apart from bitfinex, other exchanges like the Japanese coincheck suffered one of the biggest losses in the history of cryptocurrency. The company was robbed of $500 million worth of NEM, in broad day light. The hack was believed to have ignite the wrath of the Japanese regulators. It’s customers were however repaid back for the losses they may have incurred and coincheck itself was the brain behind the whole reimbursement process.
The catastrophe that befell Bithumb exchange earlier this month has brought a lot of confusion to the market and an official investigation is in progress. Just like the company promised Earlier, they have been able to recover about $14 million already, out of the alleged $31 million loss. However, the company wishes to thank all the exchanges that has contributed to the recovery of fund process, either directly or indirectly, their efforts were recognized by the affected company. The reimbursement process has not yet begun due to the investigation going on, but the company hopes to start the reimbursement process as soon as the lost funds are recovered or arranged from their personal pocket.
Meanwhile, all activities on the website has been put to a haut pending when everything will be resolved, then, trading activities will be resumed.