South Korean cryptocurrency exchange Bithumb hacked

Hackers stole $31.5 million from Bithumb, the 6th busiest cryptocurrency exchange in the world.

According to a notice put up by Bithumb on its website on Wednesday, it has stopped all of its trading activities after it ascertained that “some cryptocurrencies worth about [$31.5 million] 35 billion won has been seized between late yesterday and early morning today.”

Bithumb’s disclosure marks the second South Korean cryptocurrency exchange being hit by hackers in just over a week.

The risk of getting hacked has been one of the high risk areas for operators and investors who trade in digital currencies.

Bithumb is the sixth busiest cryptocurrencies exchange in the world, according to Coinmarketcap.com.

According to Bithumb, it has stored “all of clients assets in safe cold wallet,” which operates on platforms not directly connected to the internet.

Bithumb’s statement mentioned that it will fully compensate customers.

Global policy makers have warned investors to be cautious in trading the digital currency given the lack of broad regulatory oversight.

On the Luxembourg-based Bitstamp cryptocurrency exchange, the bitcoin was last seen trading at $6,590.00.

In recent weeks, a series of hacks on exchanges have caused the bitcoin to lose much of its sheen as a result the value of the cryptocurrency has fallen around 70%.

On June 11, Coinrail, another South Korean cryptocurrency exchange, stated it was hacked.

These cyber attacks comes in the wake of a high-profile cyber attack at Japan’s Coincheck which saw hackers decamping with cryptocurrencies worth more than half a billion dollars.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s