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

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

According to the exchange, the hackers managed to bypass its system's security layers, and scooted off with approximately US$31.5 million (~RM140 million) worth of cryptocurrency.

In Ho, a professor at Korea University's Blockchain Research Institute, said the stolen coins were most likely to be from the more insecure 'hot wallets'. However, Bithumb reportedly moved a significant amount of Ether tokens to its offline wallet.

In a notice posted on its website on Wednesday that it had stopped all trading and stored "all clients" assets in safe cold wallets' which are stored on platforms not directly connected to the internet. But the government said it does not intend to go as far as shutting down domestic exchanges.

Bithumb have confirmed that all lost crypto will be compensated by its own reserve funds, however, the wallet system now in place will be revamped to offer greater security going forward. As a result, all deposits and payments have been temporarily suspended.

On June 16, Bithumb announced an abrupt server check "in order to maximize security settings". It also said that it would fully compensate all of its customers affected by the hack.

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At press time, Bithumb is now trading over $364 million in 24-hour trading volume, according to data from Coinmarketcap.

Bithumb is the second South Korean-based cryptocurrency exchange to be hacked in June alone.

Bitcoin dropped more than 2.3 per cent in value as the news emerged. Right now we have already saw a small dip as the price currently sits around $6,600 as the announcement about the Bithumb cryptocurrency hack was just made almost 30-40 minutes ago upon writing.

At the time of writing this report, most of the top 100 coins have declined in the past few hours, presumably due to the Bithumb hack.

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

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