Changelly, the Hong Kong-based encryption exchange service, has announced it has helped South Korean exchange Bithumb to recover 1,063,500 Ripple (XRP) in stolen assets following a massive attack in June, said on October 26 a press release.
In June 2018, hackers attacked Bithumb, the main cryptocurrency of South Korea. As security specialists detected theft, the exchange temporarily suspended all deposits and withdrawals and transferred its clients' funds to a cold wallet. .
Bithumb initially lost over $ 30 million of cryptocurrencies due to the hack. Four months after the accident, Bithumb recovered about $ 14 million in stolen digital assets after working with global counterparts.
According to Ilya Bere, Changelly's CEO, the service quickly collaborated with Bithumb and the South Korean police to offer his help. The company has implemented anti-money laundering procedures (AML) addressed to several malicious addresses recognized by Bithumb and has prevented transactions from passing through the application program interface (API).
As a result, Changelly managed to capture a significant amount of cryptocurrency with a suspect source and keep the funds secured. The funds recovered were worth approximately $ 585,000 at the time of the hack, according to the press release. Bere also explained that the case could serve as an example of industry-wide commitment:
"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".
The Bithumb hack is one of the biggest in 2018 so far, with the price of Bitcoin (BTC) down $ 200 shortly thereafter. The incident was only exceeded by the attack on the Japanese stock exchange Zaif, which resulted in the theft of about $ 59 million of cryptocurrencies in September.