Hackers hit South Korean cryptocurrency exchange Bithumb, bitcoin falls

Hackers hit South Korean cryptocurrency exchange Bithumb, bitcoin falls

South Korea-based cryptocurrency exchange Bithumb has confirmed that virtual currency worth about $31.5 million has been stolen by hackers.

Investors in cryptocurrencies were also hit by losses after South Korean virtual currency exchange Bithumb said it had been hacked and $32 million worth of virtual currency held at the exchange was stolen.

The news of the hack saw market prices responding with a significant number of coins, including Bitcoin, Ethereum, and Ripple, falling in value.

Yesterday, on June 20, more than $10 billion was erased from the cryptocurrency market after Bithumb, South Korea's biggest cryptocurrency exchange was hacked. Over the past year, South Korea lost almost 100 billion won to cyberthieves. However, we will make every effort to reopen the service as soon as possible, with the ultimate goal of protecting your assets.

Bithumb announced on Wednesday, 20 June 2018 that $30 million in cryptocurrency had been stolen from its coffers.

The exchange said it will compensate the loss from its own funds and that all customers' assets have been "securely saved" in the company's "cold wallet".


Bithumb said that it reported the theft to the Korea Internet & Security Agency and that officials there are investigating. The company has moved all their existing assets at a safe place to a cold wallet which will preserve cryptocurrencies in an offline environment which is inaccessible on the net.

Bithumb, which is the world's sixth-largest exchange by volume, originally revealed it had been attacked Wednesday.

Bithumb was quick to reassure its customers that any who are affected by the theft will be paid back in full, but the exchange has ceased to operate for the moment.

After deleting the tweet, the exchange just sent out a tweet saying they've suspended deposit and withdrawal services to enhance the security, and no other explanation.

How do you think this latest hack will impact market prices in the short and long-term?

Bitcoin was trading at $6,780.7 by 12:05AM ET (04:05 GMT) on the Bitfinex exchange, up 2.4% over the previous 24 hours. Earlier this month, another platform headquartered in Asia, Coinrail, admitted to losing more than $40 million in various currencies in a hack.

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