Bithumb Recovers $14 Million in Hacked Cryptos, Details Compensation Plans

  • Hacked cryptocurrency exchange Bithumb has revealed it managed to recover $14 million, although it didn’t detail how.
  • It added that it’s going to compensate users through an “airdrop event,” details of which are still scarce.

Hacked South Korean cryptocurrency exchange Bithumb, which was recently hacked for roughly $31.5 million worth of cryptocurrencies, recently claimed it managed to retrieve about $14 million, and detailed a compensation plan for its users.

As CryptoGlobe covered, the exchange revealed last week that it was going to compensate investors, and that it was working to recover the hacked funds. Per a recent support announcement, the cryptocurrency exchange reduced the damages to 19 billion won (about $17 million), meaning $14 million were recovered.

According to the cryptocurrency exchange, the funds were retrieved thanks to the “ongoing participation, support, and cooperation of the cryptocurrency exchanges and cryptocurrencies foundations across the world.”

It further touted the fact that the damages weren’t more severe thanks to its quick response, as Bithumb quickly moved most cryptocurrencies from its hot wallets to cold storage. Its recent announcement details that 11 cryptocurrencies were stolen, with bitcoin accounting for the majority of losses, with 2,016 BTC (worth about $12 million) being stolen.

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The hackers also managed to take 2,219 Ethereum, 692 Bitcoin Cash, and 5.2 million XRP, along with various other cryptocurrencies like Golem, OmiseGo, aelf, and more. In its update, Bithumb noted users shouldn’t deposit funds in the platform until “the whole process of deposit service is reformation is complete” and an announcement is published.

The hacked exchange added a few details regarding its plan to compensate investors. It had in the past revealed that it has about 500 million KRW ($450 million) in its coffers, and now noted it’s setting up a “compensation airdrop event.”

The event will see every Bithumb user receive a coupon that’ll seemingly allow them to trade for free for a specific period of time. Those who were affected by the hack and apply to be compensated will receive an airdrop “for holding cryptocurrencies.”

Details on said airdrop are still scarce, although the announcement seems to imply users will benefit from a 10 percent annual appreciation rate “over the period of the event.” Per Bithumb’s announcement, the cryptocurrency that’ll be airdrop still hasn’t been decided.  

Analysts Give Tesla (TSLA) Stock Higher Price Targets over Positive Q1 Results

Francisco Memoria

Analysts have started giving Tesla (NASDAQ: TSLA) stock higher price targets after it revealed a successful first quarter in its first earnings report of the year.

The most bullish change seemingly came from the German-based Deutsche Bank, which raised the automaker’s price target from $510 to $850 per share, without moving its “hold” rating. Piper Sandler, while not moving its target too much, was the most bullish on TSLA, changing its target to $939 from $819.

Roth Capital tuned down its bearish prediction to raise Tesla’s price target from $250 to $350, maintaining a potential downside for TSLA stock. Credit Suisse, on the other hand, moved its price target to $700, up from $580.

According to the Lincolnian,  the Center for Financial Research and Analysis (CFRA) has upgraded its rating on Tesla from a “sell” to a “hold.” TSLA shares have hit a new all-time high earlier this year of $917.4, but soon after the coronavirus-induced market crash hit the shares dropped to little over $360.

Those who bought the dip are now in the green, as Google data show TSLA is trading at $779.3, as it has been steadily recovering since hitting its lows.

tsla.pngSource: Google

The rebound came partly thanks to initiatives from the electric vehicle maker, and even after Tesla’s CEO Elon Musk tweeted out he believes that Tesla shares are overpriced. Analysts likely upped their price targets for TSLA over the company’s positive performance in the first quarter of the year.

As CryptoGlobe reported, Tesla’s investors were expecting lower numbers in the first quarter because of the forced closures of several vehicle and solar production plants. The company’s first quarter results showed Tesla earned $16 million and generated $5.985 billion in revenue over that period, benefiting from improved margins and reduced operating expenses.

Tesla’s stock, as covered, it already up around 90% year-to-date while other automakers have fallen behind. Some analysts, however ,are still rather bearish on the automaker. Gordon Johnson, co-founder and CEO of research boutique GLJ Research, has revealed the firm has a $70 price target for TSLA stock.

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