South Korean Crypto Exchange Bithumb Hacked, $31.5 Million Stolen

South Korean Crypto Exchange Bithumb Hacked, $31.5 Million Stolen

THELOGICALINDIAN - Popular South Korean cryptocurrency barter Bithumb has abeyant all deposits and withdrawals afterward a drudge consistent in the annexation of added than 31 actor account of cryptocurrencies This marks the additional Korean barter drudge in as abounding weeks

Seoul-based cryptocurrency barter Bithumb – currently the sixth better exchange in the apple by barter aggregate – announced anon afore 9 AM bounded time Wednesday that added than 35 billion won ($31.5 million) account of cryptocurrencies had been baseborn from the belvedere in an credible hack. Deposits and withdrawals on the barter accept been apoplectic while they change out their wallet arrangement to abode assurance and aegis issues.

Although it is not yet accepted which cryptocurrencies were stolen, Bithumb was quick to assure barter that their funds accept been confused to defended algid wallets and that any losses consistent from the annexation would be reimbursed from the exchange’s own reserves.

Bithumb Exchange Hacked

The cryptocurrency bazaar reacted apace to account of the Bithumb hack, with Bitcoin prices and absolute bazaar cap both bottomward by added than two percent aural a bisected hour of the announcement.

South Korea has been the ambition of two cryptocurrency barter hacks in the accomplished two weeks alone. Coinrail, a abate barter in the Asian country, was additionally hacked, consistent in a accident of about $40 actor account of cryptocurrencies.

This is the additional drudge Bithumb has suffered in beneath than a year. In July of aftermost year, an agent computer was compromised, arch to “tens of millions” of won actuality stolen.

Charlie Lee advised in on the drudge on Twitter:

Thousands – if not millions – of cryptocurrency users abundance their funds in third-party careful wallets, and this drudge serves as a admonition to anybody of how important it is to abundance your bill in a wallet you control. Otherwise, you’re relying on a third affair to accumulate your funds safe. As cryptocurrency prices increase, exchanges will no agnosticism acquisition themselves more targeted by hackers attractive for an accessible score.

Thankfully, Bithumb has the agency and the alertness to atone its barter for their losses, but such is not consistently the case. This should serve as yet addition cautionary account of why exchanges charge to go to greater lengths to ensure the candor of their systems and the assurance of user funds.

What are your thoughts on the contempo access of barter hacks? How will this affect the cryptocurrency market, accustomed that Bithumb intends to balance its customers? Let us apperceive in the comments below.

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