Skip to main content

South Korean Bitcoin Exchange to Pay Back Users After Account Thefts

South Korea's largest bitcoin and ether exchange is moving to compensate users days after it emerged that the site's data systems had been compromised.A report from regional news service Yonhap on Monday indicated that as many as 30,000 customers of Bithumb were impacted. The source of the data leak is believed to have been an employee's computer, leading to the draining of funds from an unknown number of user accounts.
According to data from CoinMarketCap, Bithumb is currently the fourth-largest bitcoin exchange by volume, accounting for roughly 3% of the global market. The exchange is the largest ethereum exchange as of today, reporting about 13.5% of total trade activity.
Though the exact scale of losses isn't known at press time, Bithumb said in a blog post published earlier today that it is providing 100,000 Korean won – worth about $86.50 at press time – to each affected customer.
Local reports further indicate that the incident dates back to February, and was first reported to authorities late last month. One local user claimed to have 10 million won, worth roughly $8,700, taken from their account.
The exchange said that it will further compensate users whose funds are stolen as a result of the data leak.
"In addition, for the members who suffer additional damage due to this incident, we will compensate the entire amount of damages in a responsible manner," Bithumb's operators said.
The incident has been reported to local authorities, according to Yonhap, resulting in the early stages of an investigation by the Korea Internet and Security Agency. An unnamed official told the publication that the the Korea Communications Commission is also involved in the investigation.

Comments

Popular posts from this blog

Case-By-Case or Cease-and-Desist? In Search Of a New Approach to ICOs

That rumble you hear is the sound of regulators around the world mobilizing resources to tackle the pressing matter of token sales. Yet, in spite of the spectacular growth of blockchain token-based funding, no one seems to have a clear idea of what type of rules to introduce. The resulting uncertainty (not to mention ridicule) is left hindering progress as money flows to unviable projects and investors are left vulnerable to foul play – exactly what regulation is supposed to prevent. Perhaps a new approach is needed. But to see where this could go, it's worth stepping back and asking what we expect the regulation to do. Safety belt First, why do we need regulation, not just of finance, but of anything at all? To protect us. At its roots, that is the main role of government – to protect its citizens from avoidable harm and extreme loss brought about by others or from our own lack of common sense. When it comes to securities, that usually means stopping us from making poor decisions…

Inglourious Basterds Script - Dialogue Transcript

oila! Finally, the Inglourious Basterds script is here for all you fans of the Quentin Tarantino movie. This puppy is a transcript that was painstakingly transcribed using the screenplay and/or viewings of the movie to get the dialogue.

Inglourious Basterds Script(DISTANT RUMBLING) (SPEAKING FRENCH) (MEN SPEAKING GERMAN) (SPEAKING FRENCH) While I'm very familiar with you and your family, I have no way of knowing if you are familiar with who I am. Are you aware of my existence? Yes. This is good. Now, are you aware of the job I've been ordered to carry out in France? Yes. Please tell me what you've heard. I've heard that the Führer has put you in charge of rounding up the Jews left in France who are either hiding or passing for Gentile. The Führer couldn't have said it better himself. But the meaning of your visit, pleasant though it is, is mysterious to me. The Germans looked through my house…

Duncan Logan just tweeted that he's on board Electroneum

I have been a buyer and holder of bitcoin and Etherreum for a long time but this will be the first ICO I buy into--Duncan Logan.

What is Electroneum?

Electroneum (ETN) is a cryptocurrency that can be mined with a smartphone, requiring almost no technical knowledge or prior experience. This sets it apart from other cryptocurrencies (like Bitcoin) which require expensive hardware and technical know-how to mine.
Electroneum’s unique mobile mining experience allows anyone with a smartphone to earn ETN coins by letting the miner app run in the background.
It was designed specifically with mobile users in mind, thereby appealing to a potential market of 2.2 billion smartphone users around the world. Unlike other cryptocurrencies, Electroneum has a user-friendly, beginner-oriented interface that allows users to seamlessly transfer ETN coins between one another, check their balances, and mine coins.
Being a cryptocurrency, Electroneum is created, held, and spent electronically, and has no phy…