Bithumb Exchange Hacked for 30 Million Dollars

Anna Jefferson
June 22, 2018

Bitcoin, the largest cryptocurrency, dropped as much as two per cent and was trading at US$6,616 as of 8.25am in London, bringing this year's decline to 54 per cent, according to Bloomberg composite pricing.

Cryptocurrencies dropped after the second South Korean exchange in as many weeks said it was the victim of a theft, renewing fears about the security of digital-asset trading venues. "Cryptocurrency deposit/withdrawal and Korean won withdrawal service will be halted for the time being and until services are thoroughly reviewed". The attackers supposedly hit the company sometime between "late [Tuesday night] and early [Wednesday]", taking off with millions worth of crypto coins, including Ripple. As reported by CoinMarketCap, Bithumb boasts a trading volume of over $330 million daily.

Bithumb, a cryptocurrency based in Seoul, announced this morning of a hack that stole more than $31 billion from its platform.

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The company is now warning users to not deposit new funds into their accounts or attempt to make payments, as the transactions could be lost during the system migration. "Those stolen cryptocurrencies will be covered from Bithumb and all [the] assets are being transferred to cold wallet [an offline storage method]".

In each of these hacks, the security shortcomings involve the exchanges' "hot wallets", or wallets that are stored and accessible online.

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

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

Because this was the second time Bithumb's security was breached, the request of the Ministry of Science and ICT promised to check if the cryptocurrency exchange has followed security recommendations which followed a three-month inspection this year. "Hence, we expect that the overall damage will be less than the amount we initially expected", the Bithumb team said.

One Bitcoin is now worth about $6,636 after dropping from a high of $6,773 yesterday. Just over one week ago hackers made off with cryptocurrency of a similar value from rival exchange Coinrail.

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For now, Bithumb is moving the remainder of its funds into a cold wallet to avoid further risk.

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