Tuesday, 21 August, 2018

South Korean Crypto Exchange Bithumb Hacked, $30 Million Stolen in Tokens

South Korean Crypto Exchange Bithumb Hacked, $30 Million Stolen in Tokens South Korean Crypto Exchange Bithumb Hacked, $30 Million Stolen in Tokens
Nellie Chapman | 21 June, 2018, 08:54

Just last week, another cryptocurrency exchange in South Korea, Coinrail, said hackers stole about 30% of its virtual currencies.

Bitcoin's value has fallen this morning after South Korean cryptocurrency exchange Bithumb revealed it lost millions in a cyber attack. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.

It added the company will fully compensate customers. The country's policy makers are debating comprehensive regulations for cryptocurrencies, with proposals ranging from shutting down local exchanges to allowing them to operate under increased supervision. Global policymakers have warned investors to be cautious in trading the digital currency given the lack of broad regulatory oversight.

One of the world's biggest bitcoin exchanges on Wednesday said that more than $30 million worth of cryptocurrencies have been stolen from it.

South Korea's spy agency later accused North Korea of being responsible after the stolen information was used to carry out scams. The company didn't immediately respond to a request for more details. As a result, all deposits and payments have been temporarily suspended. "It is held anonymously and in lightly-secured systems, which makes them an irresistible target", Mun said.

On the Luxembourg-based Bitstamp, bitcoin BTC=BTSP was last trading at $6,590.00, extending losses as a series of intrusions on cryptocurrency exchanges in recent weeks sparked concerns over security.

On June 11, another South Korean cryptocurrencyexchange Coinrail said it was hacked. In December 2017, Slovenian cryptocurrency marketplace NiceHash was hit by a cyber-attack which led to losses of $64m.

As of press time, Bithumb still is seeing over $300 million in 24-hour trading volume on its platform, making it now the sixth largest exchange in the world, data from CoinMarketCap shows.