Guys ! As we all known that Bithumb Exchange was hacked and lost coins of $30 million. This is not all done, Now, Exchange is in another trouble.
After the hack, Exchange was thinking the Payout and the only reason of this thinking is INSURANCE. The Bithumb is the leading Exchange of South Korea who paid for the highest insurance deals which was $5 million. These insurance deals made with Hyundai Marine & Fire Insurance and Heungkuk.
The news is running in the country that Bithumb’s losses amount to “property damage”, which is not covered in the insurance deals as compensations.
Hyundai's will cover according to deals if Information breaches, network security, media-related issues and damage to the exchange’s reputation. In the event of a hack, exchanges can only claim damages if hackers access customers’ account details and then use these to access funds from wallets.
However, Bithumb's spokesman said, We're not thinking for the insurance claims now. This is a minor issue because their customers were not effected with this hack, all the wallets are safe and they're still working on the customer's service as committed.
Here, Bithumb losses $30 million and digesting this amount without any compensation is really impossible. We can see the impact in future of this.
Apart, 2 another exchanges which paying highest to insurance companies are Upbit and Coinone, respectively, $4.5 millon and $2.7 million.
