Bithumb Deletes Tweet Stating Company Will Cover $32M Loss After Hacking Incident

The details of a hacking incident will always be murky hours and days after the attack happens. And the recent case involving Bithumb is no exception.

South Korea-based Bithumb is the sixth busiest cryptocurrency exchange across the globe but fell one place lower after the hacking, with its 24-hour trading volume standing at over $217,000,000. An investigation has been launched by the Ministry of Science and Technology following the attack, where the hackers took off with coins worth $32 million, according to Cointelegraph.

Moreover, the Korea Internet & Security Agency (KISA) has also been involved in order to shed light on how exactly the hackers broke into the exchange’s system. Authorities have already been sent to Bithumb’s center of operations in Seoul to gather records and information from company computers which will hopefully yield leads.

After the attack, the exchange tweeted that the pilfered amount is going to be covered by the company and those who are affected will be compensated accordingly. However, it seems that the tweet has been deleted from Bithumb's account, sparking concerns from people and other entities that have a stake in the case.

While details remain undisclosed, such as what exactly the cryptocurrencies were that were stolen, it has already been reported that Ripple is among those that were compromised. Bithumb currently caters to 37 cryptocurrencies, with EOS and Tron being the top two, amounting to 34 percent and 19 percent, respectively, per trade volume. The company will likely provide specifics on the case when its operation reverts to normal.

The rising occurrences of hacking incidents are taking a toll on the crypto market’s stability as investors become more apprehensive about the risks in this industry. Even hacking cases like the 51 percent attack, which is considered a rarity among cryptocurrencies, are becoming more and more prevalent. In the month of May alone, there were five incidents of such method of hacking reported.