Cryptocurrency heist cost South Korea's Bithumb $31.5m

Altcoins Breaking News Bithumb Hacked For $30 Million In Cryptocurrencies Market Drops nickchong

In another blow to the crypto community, Bithumb, one of the largest virtual coin exchanges in Korea, confirmed on Wednesday hacking and theft of virtual assets worth 35 billion won ($31.5 million) following similar loss in another exchange earlier in the month. Hacking attacks on Korean cryptocurrency exchanges have been going on since previous year and close to W100 billion worth of cryptocurrencies have been stolen.

The operator announced on Twitter that the stolen coins would be covered from Bithumb's own reserves and that all users' assets are being transferred to safer "cold wallet".

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

In the aftermath of the hack, the company immediately blocked user withdrawals to prevent the hacker from stealing more funds.

We hope bitcoin's price stay's steady, recovers at a constant pace and other trading platforms should start preparing to counter such hacks before more damage starts hitting.

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Bithumb apologized for the disruption and said it will announce further information in due course.

Bithumb, an exchange based in South Korea, said in a notice on its website that all customer deposits and withdrawals have been suspended while it reviews the situation.

Bithumb, one of the largest cryptocurrency exchanges in South Korea, came under attack between Tuesday night, June 19, and Wednesday morning, June 20. However, Bithumb reportedly moved a significant amount of Ether tokens to its offline wallet.

The cyber attack followed the high-profile theft of Japanese cryptocurrency exchange Coincheck in January. Conversely, cryptocurrencies shouldn't be regarded as flawed inventions which can get hacked: that's not how blockchain technology works, and in this particular case it's all about private keys being stolen from the databases of the centralized exchange. However, the effect of the Bithumb hack has seemingly sent Bitcoin's value into a downward slide to just $6,562 in the last 24 hours. There seemed to be signs of an emerging bull run as Bitcoin stayed above the $6,700 mark.

Earlier last week, the virtual currency plunged to its three-month low after hackers targeted another South Korean cryptocurrency exchange.

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