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Bithumb Announces External Audit Results in Wake of $13 Million Hack


Bithumb Announces External Audit Results in Wake of $13 Million Hack

Bithumb’s latest hack has been followed by a full audit to restore user confidence

South Koreancryptocurrency exchangeBithumb has conducted a professional external audit of its funds after a major hack last month, the company confirmed in a statement on April 11.

Bithumb, South Korea’s largest exchange, lost around 14 billion won ($13 million) two weeks ago in an event executives believe was masterminded by an insider.

Now, Bithumb has used a third party to assess its reserves, repeating its previous assurances that customer funds remained safe in cold storage wallets.

The 14 billion of hacked EOS (EOS) tokens, a previous statement said, represented company-only funds. All remaining funds in its hot wallet were moved to cold storage following the loss.

“We have stated that we will conduct fair and objective due diligence on all assets that we have through a reliable external Audit,” the statement reads, linking to the accounting firm’s statistics. The statement continues:

“We are pleased to inform you that our members’ valuable assets are managed and maintained in a systematic / safe manner through the attached due diligence report.”

As Cointelegraph reported, it is not the first time Bithumb has dealt with security difficulties. Last August, a larger hack saw the loss of tokens worth up to $30 million.

This week, the exchange reported annual losses of nearly $180 million for 2018, the hacks adding to an overall difficult year as Bitcoin (BTC) endured a record bear market and bottomed out at $3,100.

During the same period, sales nonetheless increased by 17.5 percent, a spokesperson confirmed.

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