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After all, the funds can not be SAFU. There are many reasons why cryptocurrency investors take additional measures to protect themselves from incessant attacks on exchanges and similar processors and encryption providers. Although centralized cryptographic exchanges often take drastic measures to protect their client's fund, their security implementations are sometimes not deceptive, as was exemplified during the BitHumb attack in June. Hackers then managed to steal more than $ 30 million, causing the exchange to immediately stop depositing and withdrawing, moving all their funds into a cold storage facility as a precautionary measure.
[Notice for the suspension of all deposit and withdrawal service]
We have verified that some of the cryptocurrencies worth approximately $ 30,000,000 have been stolen. Those stolen cryptocurrencies will be covered by Bithumb and all assets will be transferred to the cold wallet.
But as a regular exchange in which government regulators deem the exchange guilty of any investor loss, the exchange had to initiate an investigation that could potentially lead to the recovery of stolen funds. It is now emerging that Changelly, a crypto-cryptographic and fiat-encrypted exchange in which traders can exchange coins without registering, has helped the South Korean exchange to recover $ 585,000 of XRP.
The immediate collaboration between BitHumb, the police and Changelly prevented hackers from recycling their funds thanks to the application by Changelly of the KYC and AML requirements to suspicious addresses that had been identified by BitHumb. Their non-compliance resulted in their transactions being blocked by the exchange API.
A similar effort with the global counterparts saw BitHumb recover almost $ 17 million of stolen funds. In a free translation, the exchange updated users who were making progress towards the recovery of lost goods:
"The reason for the decline was because we were able to quickly take custody of the cryptographic portfolios of all cryptographic currencies, collaborating with the Cryptographic Fund and World Cryptographic Exchange to preserve some of the money we expected to be seized"
Drinking, Changelly's CEO is sure that such commitments could serve as an example.
"This case sets a precedent for the way in which the joint work of the main players in the cryptocurrency market can positively influence the sector, leading to security improvements in encryption projects".
