Hackers just stole $30 million from the world's sixth largest crypto exchange

22 June, 2018, 20:47 | Author: Corey Lynch
  • Inside a cryptocurrency mine in South Korea

South Korea-based cryptocurrency exchange Bithumb has confirmed that virtual currency worth about $31.5 million has been stolen by hackers. Hacking attacks on Korean cryptocurrency exchanges have been going on since past year and close to W100 billion worth of cryptocurrencies have been stolen.

They assured everyone that Bithumb would cover all expenses and affected users will be fully refunded.

It's fascinating how thousands of cryptocurrencies store their funds in third-party custodial wallets, which have been proved vulnerable by a series of hacks in last few years.

"We have noticed that between the last night and today morning, about 35,000,000,000 KRW worth cryptocurrencies have been stolen", Bithumb said. The company didn't provide details of the attack, but it did say that the loss will be covered by the platform.

"[Notice for the temporary suspension of the deposits].Due to the increasing safety issues, we are changing our wallet system".

Bithumb, which is the world's sixth-largest exchange by volume, originally revealed it had been attacked Wednesday. The existence of enough Dollars to back the crypto reserves of the cryptocurrency pegged to the fiat currency 1:1 on an even scale is great enough to counter yet another possible price correction, and more good news will definitely bring the prices up once again.

On June 16, Bithumb announced that it was temporarily suspending its service and "transferring all assets to the cold wallet in order to build up the security system and upgrade the database". Still, the frequency of cryptocurrency exchange hacks is something that will leave many traders anxious.

The values of coins including Bitcoin, Ethereum and Ripple have fallen in reaction to the news.

According to the Yonhap news agency, the Ministry has said that after its report on the hack the Korea Internet & Security Agency (KISA) joined an urgent investigation, aiming to analyse the causes of the theft. The Coinrail hack coincided with a significant dip in the prices of cryptocurrencies, with Bitcoin losing $1,000 in a matter of hours. Bitcoin manages to avoid dropping beneath the $6,000 mark after it recovered from the $6,200 region.

What do you think about Bithumb's handling of its hack?



European Union to begin counter trade tariffs against U.S. on Friday
Cohn said he understand Trump's rationale, but added that restricting vehicles to ones made in the U.S.is not realistic. Other countries hit by the U.S. tariffs have also retaliated , raising fears of a global trade war.

Jeff Sessions: Migrant children are 'well cared for'
Trump will sign a stand-alone bill to fix the issue, introduced by members of his own party. Ross Todd contributed reporting to this story .

Instagram Launches a New App Called IGTV for Long-Form Video
Systrom announced the launch of the IGTV platform which will have a separate smartphone app or can be watched from Instagram . However, influencers will be able to share links in IGTV to support deals they strike with brands.

Trudeau Announces Official Marijuana Legalization Date
Erik Altieri, the executive director of the National Organization for the Reform of Marijuana Laws, echoed Hetzer's sentiment. Statistics Canada estimates that the marijuana market in Canada was worth C$5.7 billion ($4.28 billion) in 2017.

Neymar fitness concerns continue as Brazil forward misses training
If he interpreted that it wasn't a penalty, life is like that. "But it was a match to show us that it won't be easy". Brazil star Neymar hobbled out of training with Brazil ahead of its Group E clash with Costa Rica on Friday.

Haley, Pompeo to UN Human Rights Council: We’re outta here
Either way, the USA pullout was bound to have ripple effects for at least two countries at the council: China and Israel. John Bolton (currently President Trump's national security adviser) worked tirelessly to do the same.

Why Meghan Markle's Father Might Never Meet Son-in-Law Prince Harry
The interview saw the recluse claim that Harry had said he was "open" to Brexit and that people needed to "give Trump a chance". Asked about their Brexit discussion, he said, "It was just a loose conversation about something we have to try ".

Magnitude 6.1 quake strikes Osaka
No abnormalities were reported at the Takahama, Mihama and Oi nuclear plants in central Japan, according to Kansai Electric. More building damage was found in the afternoon as disaster and relief workers inspected and cleaned up the affected areas.

Incredibles 2 opens with $180 million, breaks records
The R-rated comedy is based on a Wall Street Journal article about a group of grown men who play a longstanding game of tag . A further $51.5m was added outside the United States , although the film has only opened in around a quarter of territories.

Yemen soldiers killed fighting Houthis in Al-Hudaydah
The Huthis suffered 30 fatalities on Thursday in clashes near Hodeida airport south of the city, medical sources told AFP . The Saudi-led coalition said this week that they began their assault on Hodeida on behalf of Mr Hadi's government.