Hong Kong-based crypto exchange service provider ‘Changelly’ hasdeclaredthat it helped South Korean exchange platform ‘Bithumb’ recover around 1,063,500 Ripple [XRP] instolenassets followinga vasthack earlier inJune.
In line with a recent press release, Hong Kong-based crypto exchange service provider ‘Changelly’ has declared that it helped South Korean exchange platform ‘Bithumb’ recover around 1,063,500 Ripple [XRP] in stolen assets following a vast hack earlier in June.
InJune2018, hackers attacked South Korea’s leading crypto exchange Bithumb. Soon after security specialists detected thehack, the exchangebriefly suspended all its deposits and withdrawals, andtransferredall its customers’ funds toa hard wallet.
Bithumbin the begininglost over $30 Mlnworthof crypto’s, following the hack. Four monthsafterthe incident, Bithumb was able to recoverabout around$14 Mln instolendigital assetsafterit collaborated withinternationalcounterparts.
According to Ilya Bere,chief operating officerof Changelly, the service quickly cooperated with Bithumbalong with theSouth Korean policeto offeritshelp.The corporateenforcedAnti-MoneyLaundering[AML] procedures targetingmanymalicious addresses recognized by Bithumb and prevented transactions fromprocessingvia the application program interface [API].
As a result, Changelly managed to capturea significant quantityof cryptocurrency with a suspicious origin and kept the funds secured. The recovered funds werevalued around to be $585,000 USD at the time of the hack, in line with the press release. Adding further Bere explained that the casemightserve as anexample of industry-wide engagement:
“This case sets a precedentfor the waythe joint work of the key playerswithin thecryptocurrency marketwill absolutelyhave a positive effect onthebusiness,deliveringsecurityenhancementsto the crypto-tradingprojects.”
The Bithumb exchange hack isconsidered as a major hackof 2018, withthe priceof Bitcoin [BTC] dropping by almost $200 USDsoon after. The incidentis barelysurpassed by the attack on Japanese exchange Zaif,that resultedwithin thethieveryof around $59 Mlnworthof cryptocurrencies held earlier inSeptember.