Crypto Exchange Service Helps Bithumb Recover 1 Million XRP After Massive June Hack

Hong Kong-based Changelly announced that it helped South Korean stock exchange Bithumb recover more than 1 million XRP following a massive attack in June.

Hong Kong-based crypto exchange service Changelly has announced that it helped South Korean exchange platform Bithumb recover 1,063,500 Ripple (XRP) in stolen assets after a massive attack in June, according to a press release on October 6. 26.

In June 2018, hackers attacked South Korea’s leading crypto exchange, Bithumb. As soon as security specialists detected the theft, the exchange temporarily suspended all deposits and withdrawals, and moved its customers ‘ funds to a cold wallet.

Bithumb initially lost over $ 30 million in cryptocurrencies due to the hack. Four months after the incident, Bithumb recovered approximately $ 14 million in stolen digital assets after collaborating with global counterparts.

According to Ilya Bere, CEO of Changelly, the service quickly cooperated with Bithumb and the South Korean police to offer their help. The company implemented anti-money laundering (AML) procedures aimed at various malicious addresses recognized by Bithumb and prevented transactions from going through the application program interface (API).

As a result, Changelly managed to capture a significant amount of cryptocurrency with a suspicious origin and keep the funds secured. The recovered funds were worth around.585,000 at the time of the hack, according to the press release. Bere further explained that the case could serve as an example of industry-wide engagement:

“This case sets a precedent for how the joint work of key players in the cryptocurrency market can positively affect the industry, bringing security improvements to crypto-trading projects.”

Bithumb’s hack is one of the biggest of 2018 so far, with the price of Bitcoin (BTC) dropping by $ 200 shortly after. The incident is only surpassed by the attack on the Japanese exchange Zaif, which resulted in the theft of around septiembre 59 million in cryptocurrencies in September.

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