Bithumb Recovers Nearly Half of its Stolen Funds Thanks to Other Exchanges35.18

Bithumb is one of the largest cryptocurrency exchanges in the world. Its status has attracted a lot of unwanted attention from criminals, culminating in a $31 million hack earlier this month. The company has been working on recovering the money and scored some initial success in this regard.

For most cryptocurrency exchanges, experiencing a hack and subsequent loss of funds could be catastrophic. Losing millions of dollars forces companies to either take a net loss or issue IOU tokens to their customers. Various exchanges, including Bitfinex, have taken the IOU route in the past. Those decisions are initially met with a lot of skepticism, although Bitfinex successfully repaid all customers in the end.

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