[2017-07-05] South Korean Bitcoin Exchange to Pay Back Users After Account Theft

[tyz]

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.

http://www.coindesk.com/korean-bitcoin-exchange-to-pay-back-account-thefts/

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[richardsNY]

So, every affected user will get 100k KRW (around $86.50) as compensation, and that's really it? I already didn't expect people to get their full amount back, but this is just ridiculous for such a large exchange. Funny thing is that additional losses (which in the article is referred to as damage) caused by the hack, will get fully compensated. What a joke. Another thing is that this hack happened back in February of this year, while it got reported last month....

[1Referee]

Another thing is that this hack happened back in February of this year, while it got reported last month....

The problem is that news sites are doing an extremely poor job when it comes to properly translating non English articles. Look for yourself;

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.

That comes from Coindesk.

A cyber attack late last week resulted in the loss of billions of won from customers accounts.

The breach was discovered by Bithumb on June 29 and reported to the authorities on June 30. More than 100 Bithumb customers have since filed a complaint with the National Police Agency's cybercrime report center.

That comes from bravenewcoin.

The quality and integrity of these so called news sites is going backwards faster than ever before. For what? Pushing articles on the net as soon as possible to earn a few pennies?

[richardsNY]

Great find. I was already thinking about any sort of logical justification for them not reporting the theft far sooner. The only question right now is, which of the 2 articles is factually correct? Coindesk is a senior player in the crypto world, while it isn't that long ago that I started to see some BraveNewCoin articles pop up. Either way, it's unacceptable.