Cryptocurrency Exchange Bithumb Suspends Trading Amid $31 Million Hack

23 June, 2018, 17:46 | Author: Frank Williams
  • Altcoins Breaking News Bithumb Hacked For $30 Million In Cryptocurrencies Market Drops nickchong

For the second time in a year, South Korean cryptocurrency exchange Bithumb has been hacked, and this time around, hackers stole the equivalent of 35 billion won ($31.6 million) worth of cryptocurrency. The prices of Bitcoin, Ethereum, and Ripple - three popular cryptocurrencies - all fell when the news was announced.

South Korean exchange Bithumb has been targeted by hackers for the second time in a year, this time losing over $31m in cryptocurrency.

South Korea's spy agency later accused North Korea of being responsible after the stolen information was used to carry out scams. However, we will make every effort to reopen the service as soon as possible, with the ultimate goal of protecting your assets. The first one affected a much smaller exchange Coinrail which lost nearly $40 million worth of cryptocurrencies.

"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".

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That said, the decline also coincided with a broader crypto sell-off that followed a Wall Street Journal report that said US regulators were investigating potential price manipulation at four major cryptocurrency exchanges.

Bithumb, one of the largest cryptocurrency exchanges in South Korea, came under attack between Tuesday night, June 19, and Wednesday morning, June 20. Before the hack, bitcoin was trading at $6,750 on Binance, the world's largest crypto exchange. But, the attack has yet again spurned questions of security and regulation amongst these giant exchanges. Following the incident, the exchange has since moved swiftly to suspend all withdrawals and deposits on its platform, with all usual services expected to resume after the matter is solved. In a tweet, the company urged its customers to hold off on making deposits into their Bithumb wallets. Coinrail lost US$28 million (~RM112 million) in the attack.

At that time, the market reacted with Bitcoin leading the rest of cryptocurrency to further price decline. However, the effect of the Bithumb hack has seemingly sent Bitcoin's value into a downward slide to just $6,562 in the last 24 hours.

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