Tuesday, 13 November, 2018

South Korean Exchange Bithumb hacked, $30 Million Stolen

Altcoins Breaking News Bithumb Hacked For $30 Million In Cryptocurrencies Market Drops nickchong Altcoins Breaking News Bithumb Hacked For $30 Million In Cryptocurrencies Market Drops nickchong
| 22 June, 2018, 20:48

Bithumb announced earlier today that a hack had occurred between late Tuesday night and early Wednesday morning, resulting in around $30 million worth of cryptocurrency having been stolen from the exchange.

The exchange halted cryptocurrency deposits and withdrawals, said it would compensate victims and moved investor assets to a so-called cold wallet, which is disconnected from the Internet and less vulnerable to theft. Bithumb said that digital assets of its customers remained intact from the hacking, stressing there will be no damage on them and all losses will be covered by its own account.

In Ho, a professor at Korea University's Blockchain Research Institute, said the stolen coins were most likely to be from the more insecure 'hot wallets'.

"We checked that some of cryptocurrencies valued at about $30,000,000 were stolen".

Bithumb's blog post reads "Due to security issues; we are changing our system regarding deposits of cryptocurrency". News of an exchange hack normally sees a sharp fall in prices for all cryptocurrencies, but this time, it was a more modest fall of just 3%.

Even though Coinrail is a relatively small crypto exchange in South Korea, its hack still managed to send the price of Bitcoin to two-month lows.


This latest hack, though, further highlights the risks that cryptocurrency exchanges face from criminals.

Bithumb, which trades more than 37 different virtual currencies on its platform, has a 24-hour trading volume of almost $400 million, according to statistics obtained from CoinMarketCap, which makes it the sixth largest virtual currency exchange in the world.

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".

Despite the apparent frequency of exchange vulnerability exploits affecting South Korea, the amounts involved still pale in comparison to neighboring Japan, where Coincheck lost $530 million to hackers in January.

One Bitcoin is now worth about $6,636 after dropping from a high of $6,773 yesterday. Bitcoin was knocked from $6,760 to $6,611 in a matter of hours.

What do you think about these frequent hacks in the cryptocurrency market?

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