Hackers Stole $31 Million From South Korean Crypto Exchange

Daniel Fowler
June 21, 2018

The notice didn't say how the theft of 35 billion won ($32 million) worth of cryptocurrencies occurred or which ones were taken.

Although Bithumb has yet to disclose which and how much cryptocurrency had been stolen, it said in the announcement that the loss will be covered by the platform.

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

"If they do find your crypto-currency wallet or hack online crypto exchanges and transfer the coins - then it is basically gone forever". The company has moved all their existing assets at a safe place to a cold wallet which will preserve cryptocurrencies in an offline environment which is inaccessible on the net.

"Due to the increasing safety issues, we are changing our wallet system", Bithumb said on Twitter.

On June 16, Bithumb announced an abrupt server check "in order to maximize security settings".

Deposit and withdrawal services were halted "for the time being", the exchange said.

It added that the company would fully compensate customers.

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Bithumb is, however, the bigger of the two operations, and represents the world's sixth busiest crypto-cash trading platform, according to the news site Coindesk.

Bitcoin bulls give a blind eye to the woes of Bithumb exchange.

On the Luxembourg-based Bitstamp, bitcoin BTC=BTSP was last trading at $6,590.00, extending losses as a series of intrusions on cryptocurrency exchanges in recent weeks sparked concerns over security.

While most experts in South Korea believe that all local cryptocurrency exchanges are hackable and vulnerable to security breaches, there exists quite a few cryptocurrency trading platforms that have operated more than five years with a clean record and no signs of breach.

Bitcoin dropped more than 2.3 per cent in value as the news emerged.

Bithumb trades more than 37 different virtual coins.

Hackers have made off with 35bn won (£24m) worth of cryptocurrency.

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