Hackers steal $32 mln from cryptocurrency exchange Bithumb

Korean crypto exchange Bithumb says it lost over $30M following a hack

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

Bithumb, South Korea's largest crypto exchange announced on its website that between Tuesday evening and Wednesday morning, Korean time, 35 billion won (about 31.5 million USD) worth of cryptocurrencies vanished.

A leading South Korean cryptocurrency exchange said on Wednesday that $31m worth of virtual currencies have been stolen by hackers, a latest in the series of recent hacks that raised security concerns.

The incident at Bithumb comes several weeks after another hack was reported to have taken place at South Korean crypto exchange Coinrail. Ripple, which is extremely popular in South Korea also fell from $0.549 to $0.525.

We checked that some of cryptocurrencies valued about $30,000,000 was stolen.

Although Bithumb might not be keen to advertise the loss, deleting its initial tweet announcing the hack and promise of compensation. The cyber attacks come after a high-profile theft of over half a billion dollars worth of digital currency at Japan's exchange Coincheck earlier this year. Exchanges typically either deposit or withdraw from these online accounts as a way to simplify the key transfer process.

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According to CoinMarketCap, Bithumb's 24-hour trade volume at press time is over $374 million, the world's sixth largest.

Bithumb notified a local regulator - the Korea Internet and Security Agency - of the latest attack, shortly before alerting the public via social media.

"Due to implementing enhancement as well as ongoing safety check on deposit/withdrawal servers, cryptocurrency deposit/withdrawal and KRW [local currency] withdrawal service will be halted for the time being and until services are thoroughly reviewed", it continued.

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. Bithumb said its cryptocurrency holdings were shifted to an offline "cold wallet", and any losses for traders would be covered. Coinrail lost US$28 million (~RM112 million) in the attack. That sent the price of cryptocurrencies, including bitcoin, tumbling more than 10% in the immediate aftermath.

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