Bithumb to Promise Full Compensation to Investors

As reported, the amount could be decreased after various recovery efforts
21 June 2018   448

Today Bithumb has officially confirmed that it lost $ 30 million as a result of a hacker attack, and its security team intends to initiate a process of reimbursement, CCN reports.

After the incident occured on June 20, Bithumb quickly followed the procedure to immediately report [the] incident to KISA announcing that about 35 billion Korean Won worth amount of cryptocurrency was stolen. However, as we undergo recovery process on each cryptocurrency, the overall scale of damage is getting reduced. Hence, we expect that the overall damage will be less than the amount we initially expected.
 

Bithumb Team

The initial value of $ 30 million was consistent with the estimated amount of stolen funds, but already at the first stages of the investigation, conducted jointly with KISA, Bithumb employees found that they can recover some of the losses.

As the example of Bithumb showed, even such sites are not protected from hack, despite the fact that they devote a significant part of their budget to the security. However, in this case, the victims of the hacker attack will be fully compensated for all the losses, which does not always happen on smaller sites.

Bithumb has been administering company’s asset and customers’ asset, and all customers cryptocurrencies, as well as KRW asset, are safely stored on cold wallet and bank respectively. Moreover, we would like to ensure that Bithumb currently has about 500 billion KRW worth of company’s fund. The amount of damage that occured this time will be fully covered by Bithumb’s own company fund.
 

Bithumb Team

At the end of 2017 Bithumb had more than $ 1 billion in cryptocurrencies, and its net profit for the past year was about $ 300 million. On June 21, Bithumb reported that it currently has about $ 450 million of its own funds and can freely pay investors their money as soon as the investigation will be completed. 

Bithumb to Launch Payment Service is Qoo10

Qoo10, also known as the “Asian Amazon”, is a giant of online commerce operating in Singapore, Hong Kong, China and Indonesia
08 November 2018   153

Bithumb reported that it had entered into an agreement with Qoo10 to create a service for paying for goods and services using cryptocurrencies. This is reported by Cointelegraph.

Qoo10, also known as the “Asian Amazon”, is a giant of online commerce operating in Singapore, Hong Kong, China and Indonesia. The press release also says that within the framework of cooperation, the Bithumb payment service will be expanded for use around the world.

The partnership with Qoo10 has made it possible for us to utilize the Bithumb cache beyond our home country and abroad for real life. We will continue to improve our services to improve customer convenience.
 

Bithumb

The companies signed a corresponding agreement back in August, after which they started working on settlement services as part of the Qoo10 service and the Bithumb Cache system. The Bithumb settlement service was introduced in the spring and allows exchange customers to exchange crypto assets and use them for payments.

Thanks to a new partnership, consumers will be able to buy Qoo10 products using the Bithumb Cache service.