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?

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