South Korea's Bithumb loses $32 million in digital money heist, bitcoin falls

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

"We noticed that between last night and today early morning, about 35 billion won [$31.5 million] worth cryptocurrencies have been stolen", Bithumb said through an announcement on its website on Wednesday.

On June 10, Coinrail, a smaller South Korea-based virtual currency exchange, was hacked, and currency worth an estimated $40 million was stolen in the attack. The prices of Bitcoin, Ethereum, and Ripple - three popular cryptocurrencies - all fell when the news was announced. Earlier this year, South Korea's Coincheck revealed it had lost the equivalent of $500 million to online crooks. Senior IEEE Member and Professor of Cybersecurity at Ulster University, Dr Kevin Curran, says that consumers are unlikely to have stolen cryptocurrency returned to them should say bye to stolen Bitcoin.

In this update, Bithumb is explaining that they will indeed cover all losses that have been made as a result of this loss.

"Bithumb has been administering company's asset and customers' asset, and all customers cryptocurrencies, as well as KRW asset, are safely stored on cold wallet and bank respectively".

According to Coindesk, Bithumb ranked as the sixth-busiest cryptocurrency exchange in the world.

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At precisely 00:53 UTC on June 20, 2018, Bithumb disabled deposits on the platform.

Because this was the second time Bithumb's security was breached, the request of the Ministry of Science and ICT promised to check if the cryptocurrency exchange has followed security recommendations which followed a three-month inspection this year.

One Bitcoin is now worth about $6,636 after dropping from a high of $6,773 yesterday.

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

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. Coinrail lost US$28 million (~RM112 million) in the attack. Bithumb immediately started transferring the remaining assets to cold wallets to prevent any further loss, and the trading has been stopped since then. As I've said many times, be smart and only keep on exchange coins that you are actively trading.

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