Immediately after announcing the hack, Bithumb confirmed it will pay back victims using its own reserves... At the same time, Bithumb also started moving users' assets to a cold wallet to store cryptocurrencies in a more secure offline environment
Bithumb has not officially announced what exactly allowed the hackers to access its system, nor has it provided an estimated timeline for when asset deposits and withdrawals will resume....
Bithumb's hack marks the second cyber incident in the crypto industry in South Korea in recent days, and its second in less than a year. Less than two weeks ago, a breach at Coinrail is thought to have seen $40 million-worth of cryptocurrencies stolen. While, last year, a hack of the Youbit exchange notably led to the exchange filing for bankruptcy.