South Korean Exchange stolen for Millions of Dollars

Bithumb, one of the largest cryptocurrency exchanges in the world, has been hacked to the tune of 35 billion won, has to repay customers from its own pocket
20 June 2018   733

All the deposits were stopped by the exchange at approximately 00:53 UTC and started transferring large amounts of Ethereum into cold wallets. Cold wallets are digital wallets that are not connected to the internet. As claimed at the local news outlet JoongAng Daily, the company performed an “urgent” security check on the 16th of the month, particulary preparing to move passwords to a cold wallet in preparation for an attack.

Bithumb on Twitter
Bithumb on Twitter

Actually the hack happened on the 19th, according to CoinTelegraph Japan that refers hack detection service Sentinel Protocol. Ripple was among the  stolen denominations. Bithumb has undertaken to repay clients from its own pocket, according to JoongAng Daily.

If you have any damage to your password, I will make full compensation to your company. I do not have any damage to you, so please do not be anxious.
South Korean Exchange on their Twitter

In July 2017 Bithumb was also hacked, when the personal data of 30,000 users was stolen. The scammers used this information in order to access money in many people’s accounts. Nevertheless, the exchange valued its profits grew by 171 percent during the year of  2017. It was processing around $200 million in cryptocurrency trading a day, and today that figure is $400 million, making it the sixth biggest crypto exchange in the world in April 2018.

It collaborated in January with the a major shopping mall in South Korea, enabling cryptocurrency payments at outlets on the site. In March it declared about the plans to introduce Bitcoin ATMs and Bitcoin payments at food kiosks over a partnership with some local kiosk manufacturers.

Bithumb to Lay Off 50% of Staff

Main reasons are economic and trading volumes fall, compared to 2018
19 March 2019   135

The largest South Korean cryptocurrency exchange Bithumb has confirmed to CoinDesk its intention to lay off 50% of employees. Thus, the updated staff of the company will be 150 people.

Representatives of the site explained that firstly the company will be left by employees who have decided to resign on their own. Bithumb will provide them with assistance in finding a new job.

Economic reasons and the trading volumes fall compared to 2018 also affected the decision. At the same time Bithumb stressed that, as necessary, the exchange will continue to hire employees in various departments.

Earlier in March, plans to reduce staff was reported by the development team of the Dash Core Group. 8% of employees left the company, including a strategic director and director of business development.