Bithumb to Promise Full Compensation to Investors

As reported, the amount could be decreased after various recovery efforts
21 June 2018   705

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 Operator to Gain $200M

Will these giant investments help exchange to end 2019 with profit? Time will show
15 April 2019   266

The parent company of the South Korean exchange cryptocurrency Bithumb received $ 200 million of funding from the Japanese blockchain fund called ST, Cointelegraph reported.

Funding was provided as part of the investment round of the A series and will allow the Blockchain Exchange Alliance (BXA) to continue the international expansion of the Bithumb business. The company also promises to implement the support of new trading pairs.

The fund shared our vision of creating a global digital exchange platform that can efficiently transfer value across borders with lower costs, which was the key rationale behind this investment decision.


At the end of March, Bithumb suffered another hacker attack and lost about $ 13 million in cryptocurrency. Recently, the company reported on its performance for 2018 - its losses amounted to about $ 180 million.

ST Fund is registered in Japan and manages the capital of investors from around the world, including Europe and the USA.