Crypto Exchange Bithumb Hacked for $13 Million in Suspected Insider Job

Update (09:30 UTC, April 1, 2019): According to a report from CoinDesk Korea, Bithumb may have also lost 20.2 million XRP in the recent breach. The XRP, worth $6.2 million at current prices, was moved from Bithumb’s wallet on March 29 in transactions that can be seen on XRPSCAN. The exchange is not yet confirming or denying the report.

The odds of Bithumb managing to retrieve the stolen funds may be small, according to crypto security expert Cosine Yu, co-founder of security firm SlowMist. The hacker has already managed to “launder” most of the stolen EOS and XRP, Yu said, meaning the assets have been transferred to a large number of addresses that are not necessarily owned by any exchanges.

“The laundering strategy this time is clever as the theft did not send most of the funds directly to addresses owned by exchanges. … So it’s almost impossible for Bithumb to retrieve these funds,” Yu told CoinDesk. 


South Korean crypto exchange Bithumb has had around $13 million in the EOS cryptocurrency stolen in a hack it suspects was an insider job.

The company confirmed in statement on Saturday that it first spotted an “abnormal withdrawal” of the cryptocurrency through its monitoring system at 22:00 Korean time (13:00 UTC) on Friday, March 29.

The exchange suspended asset withdrawals and deposits on the platform after noticing the breach.

Source: coindesk

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