Korea's major crypto exchange Bithumb hacked; coins worth $32 million stolen

Lloyd Doyle
June 20, 2018

You know it is just a regular day when you read about a cryptocurrency heist.

Coinrail may be one of Korea's smaller exchanges, but Bithumb is far larger.

Deposit and withdrawal services were halted "for the time being", the exchange said. The hack began last night and lasted until today morning Korean Standard Time (KST).

Hackers stole more than $30 million worth of cryptocurrencies from South Korea's top bitcoin exchange, sending the unit's price falling around the world on Wednesday.

Following the attack, Bithumb has stored all assets in "safe cold wallets", according to Reuters.

Meanwhile, the company said remaining assets had been moved to a cold wallet to be stored in a more secure environment that is not accessible via the internet.

Although Bithumb might not be keen to advertise the loss, deleting its initial tweet announcing the hack and promise of compensation.

Cybercriminals haven't been very kind to South Korea's cryptoexchanges recently.

Tokens including Ardor, Ethos, Polymath, and Aion have continued their downward trend against both Bitcoin and the USA dollar, triggered by the Bithumb hack and increasing negativity surrounding the cryptocurrency market of South Korea. Another South Korean exchange - Youbit - filed for bankruptcy in December past year after losing 17 percent of its assets in a heist. Last week, another South Korean cryptocurrency exchange, Coinrail, was also hacked. Bithumb's own offices were raided in January as part of a larger clampdown.

Bithumb did not reveal any details about this latest hack, such as what cryptocurrency the hackers stole, how they got into their IT system, or how they exfiltrated funds. If they respond, we will update the story accordingly.

Other reports by Iphone Fresh

Discuss This Article