Crypto exchange Changelly recently unveiled the story of recovering Bithumb’s stolen assets. In June 2018, South Korea’s leading exchange, Bithumb was hacked. The exchange had initially lost over $30 million worth of cryptocurrencies due to the hacking attack. Bithumb managed to recover approximately $14 million in stolen digital assets by collaborating with global counterparts. Changelly in its story shared how the joint efforts of market participants led to the recovery of the stolen assets that totaled 1,063,500 XRP.
After the hack, Bithumb issued a statement and updated users that they were making progress in terms of recovering the lost assets. The exchange added that they were able to quickly take custody of the cryptographic wallets of all cryptographic currencies by collaborating with the Worldwide Cryptographic Exchange and the Cryptographic Fund to save some of the funds that they expected to be seized.
While sharing the story of funds recovery, Ilya Bere, the CEO of crypto exchange Changelly stated that the project took an immediate stance for cooperation. The project managed to capture a substantial amount of cryptocurrency with a suspicious origin and secured the funds by promptly implementing AML procedures that targeted several addresses recognized by Bithumb. They also prevented transactions from going through the API.
There are several reasons for crypto investors to adopt extra measures to safeguard themselves from unrelenting attacks at crypto exchanges and similar crypto providers and payment processors. Although centralized exchanges often adopt steep measures to safeguard the funds of customers, their security implementations are often not as foolproof as they claim to be. This was clearly proved during the Bithumb hack back in June, as reported on RippleCoinNews.
Ilya Bere said that the Bithumb hacking incident reminds everyone that it is important to enhance the industry-wide engagement as well as improve the interaction between services and authorities that are vulnerable to potential security accidents. He further added that Changelly kept in touch with the South Korea police as well as the representatives of the Bithumb exchange to remain updated with the situation of the stolen funds.
Crypto exchange Changelly’s CEO further added that this particular case of Bithumb sets a precedent on how the joint work of key market players in the crypto space can positively impact the industry, thereby bringing about security enhancements to the crypto trading projects, as reported on Cointelegraph.
The post Crypto Exchange Changelly Unveils Story Of Bithumb’s Stolen Assets Recovery appeared first on OWLT Market.
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