Korean Cryptocurrency Exchange Bithumb Loses More Than $30 Million in Hack

20 June, 2018, 23:58 | Author: Regina Silva
  • Inside a cryptocurrency mine in South Korea

Suspected cybercriminals have hacked Bithumb, the South Korea-based exchange platform.

It's the latest in a series of thefts reported by cryptocurrency exchanges in recent months.

One of the world's biggest bitcoin exchanges on Wednesday said that more than $30 million worth of cryptocurrencies have been stolen from it.

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

We checked that some of [our] cryptocurrencies valued about $30,000,000 was stolen. Whether this was somehow linked to the hack is unknown. Several hacking attempts have been made throughout the past four days and after failing to cope with the attacks, Bithumb moved coins in its hot wallet to cold wallet as a last resort.

Bithumb did not immediately respond to Reuters" request for comments, and its statement did not say whether the stolen coins were stored in its "hot wallets'.

Note that none of these three tweets mentions that Bithumb was hacked.

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As of press time, Bithumb still is seeing over $300 million in 24-hour trading volume on its platform, making it now the sixth largest exchange in the world, data from CoinMarketCap shows. This time, it was Coinrail, a relatively smaller exchange service.

At time of writing, cryptocurrency news service Coindesk recorded a almost 2 percent drop in Bitcoin value from Tuesday.

"The market has sort of become a bit more battle-hardened". But it underscored the potential vulnerabilities for web-based trading and sent ripples across many cryptocurrency networks.

Bithumb trades more than 37 different virtual coins.

Bitcoin price has broken above the resistance at $6,700 and is now testing resistance at $6,750. Without an independent audit or third-party report into the incident, however, it is hard to know exactly what happened.

Do you think the Bithumb hack will cause a massive dip in the prices of cryptocurrencies?

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