South Korean cryptocurrency exchange Bithumb confirmed that hackers manages to steal $30 million in cryptocurrencies and promised to compensate all losses to investors.

On 21 June 21, South Korean largest crypto exchange, Bithumb, confirmed officially that the recent hacker attack resulted in a loss of approximately 35 billion won ($30 million) in cryptocurrencies.

“After the incident occured on June 20, Bithumb quickly followed the procedure to immediately report the incident to KISA announcing that about 35 billion Korean Won worth amount of cryptocurrency was stolen,” Bithumb wrote.

Bithumb clarified also that the amount of lost funds could be reduced as a result of the actions of the exchange team. After an investigation conducted jointly with the Cyber ​​Security Unit of the Ministry of Education, Science and Technology, the developers of Bithumb found a way to recover some of the stolen funds.

“However, as we undergo recovery process on each cryptocurrency, the overall scale of damage is getting reduced. Hence, we expect that the overall damage will be less than the amount we initially expected.”

After the hacker attack, South Korean law enforcement launched an investigation. The national regulators will analyze the Bithumb security system and find out what led to the fact that cybercriminals managed to crack the cryptocurrency exchange.

Bithumb also clarified that it will reimburse all losses to its customers from its own funds.

“Bithumb has been administering company’s asset and customers’ asset, and all customers cryptocurrencies, as well as KRW asset, are safely stored on cold wallet and bank respectively. Moreover, we would like to ensure that Bithumb currently has about 500 billion KRW worth of company’s fund. The amount of damage that occured this time will be fully covered by Bithumb’s own company fund,” Bithumb said in a statement.

On the day of the hacker attack, Bithumb ranked as the sixth largest crypto exchange in the world and was trading 37 virtual currencies.