Crypto Exchange Bithumb Hacked: $32 Million Worth Of Coins Stolen

Korea's major crypto exchange Bithumb hacked; coins worth $32 million stolen

Bithumb said it had lost $31.56 million (35 billion won) worth of cryptocurrencies and has temporarily halted withdrawal and deposit services.

Meanwhile, the company said remaining assets had been moved to a cold wallet to be stored in a more secure environment that is not accessible via the internet.

In its announcement, Bithumb didn't disclose the exact details of the coins that were affected in the hack and in what quantities. The exchange has ensured all the users of refund or a cover for the loss thus not affecting any of their clients. "Bithumb urgently asks our valuable customers not to deposit any funds into Bithumb wallet addresses for the time being", the company said in a Tweet.

As was the case with Coinrail attack, the price of Bitcoin, Ethereum, and Ripple all fell on the back of the news but have since recovered. "But it's an important lesson to learn from that exchanges are always at risk and crypto should be held at a [offline] cold wallet".

The South Korean Ministry of Science and Technology (MIC) has launched a probe into the hack of one of the country's leading crypto exchange, Bithumb, Cointelegraph has reported, citing information from the local press.

As per Cryptovest, the timing of this hack couldn't be worse, as tensions between cryptocurrency and South Korean government were just getting on track.

The rest of Bithumbs' assets have been transferred to a cold wallet, a storage that's entirely disconnected from the internet.

More news: World Cup match report Morocco v Iran 15 June 2018

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.

Although a change in the wallet system may be a security improvement for some exchanges, it ended up backfiring, resulting in an unexpected cryptocurrency hack.

The hacks in South Korea show "how ill-prepared a lot of the exchanges still are across large markets", said Vijay Ayyar, the Singapore-based head of business development at Luno, a cryptocurrency exchange.

In order to explain the price recovery of Bitcoin, Magical Crypto Friends' Chikun has pointed to the good news coming from the Tether affair, whose audit appears to go well and without major incidents.

Bitcoin was 1.9 percent lower at $6,607.00.

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

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