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Bithumb crypto-exchange loses $32m in hack

23 June, 2018, 17:46 | Author: Lawrence Cooper
  • Altcoins Breaking News Bithumb Hacked For $30 Million In Cryptocurrencies Market Drops nickchong

When Coinrail, another South Korean digital currency exchange, was hacked earlier this month to lose about 30 percent of its cryptocurrency on June 10, the global value of Bitcoin dipped 20.6 percent to $6,300 in less than 48 hours.

Another South-Korean crypto exchange platform Bithumb has been suspended due to a massive hack taking place stealing more than $30 million of cryptocurrencies. Bithumb, the world's seventh largest cryptocurrency exchange in terms of 24-hour trade volume, announced in a notice that its hot wallet was hacked between the night of June 19 and the morning hours of June 20.

It claimed that all lost funds will be covered by Bithumb from its own reserve and that remaining assets were removed to a secure cold wallet.

Cryptocurrencies dropped after the second South Korean exchange in as many weeks said it was the victim of a theft, renewing concerns about the safety of digital-asset trading venues.

Bithumb also reported that assets are being transferred to a cold wallet while they "build up the security system and upgrade DB". 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. The attackers made off with 35 billion won ($31.5 million), which resulted in the exchange ceasing its deposit, payment, and withdrawal services to mitigate the damages.

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Bithumb plans to compensate users affected by the hack - they intend to cover all the losses. At the same time, the SEC also said that many, but not all, initial coin offerings could be securities and would come under the regulatory control of the SEC and relevant securities laws.

The earlier hack had coincided with other related negative news about price manipulation and regulations.

Yesterday, the crypto exchange announced that it would be temporarily suspending its deposit service as it went about changing its wallet service.

Bithumb lost millions-worth of cryptocurrency in a cyberattack. This second attack in less than a month highlights the vulnerabilities faced by cryptocurrency exchanges.

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