South Korean Crypto Exchange Bithumb Hacked: Details

Breaking news: South Korean crypto exchange Bithumb hacked! The company has halted asset and withdrawal services at the moment. The losses will be compensated by Bithumb.

20 June, AtoZ Markets – One of the biggest cryptocurrency exchanges in South Korea, Bithumb, has been hacked. The exchange has now suspended asset deposit and withdrawal services. It is known that hackers have stolen as much as 35 billion won (or $31 million) worth of cryptocurrencies from the platform.

South Korean Crypto Exchange Bithumb Hacked: Details

The company has made a public announcement where it stated that the hack took place between late Tuesday night until early Wednesday morning local time. The exchange did not disclose any details in regards to which cryptocurrency and in which amount has been affected. However, it noted that the client’s loss will be covered by the company. 

Bithumb has also stated:

“[Notice for the suspension of all deposit and withdrawal service]

We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferred to a cold wallet.”

In the meantime, Bithumb has also stated that other assets have been transferred to a cold wallet that stores cryptocurrencies offline. This wallet is not accessible via the Internet. The exchange has highlighted that investors should “immediately discontinue depositing cryptocurrencies until further notice.”

The tweet from the company reads:

“All deposit and withdrawal service will be stopped to make sure the security. We will keep notifying you of the restart of the service. We apologize for your inconvenience and thanks for your understanding.”

Coinrail Hack Attack

Bithumb is the sixth largest cryptocurrency exchange in the world, with over $300 million 24-hour trading volume on its platform. 

This hack attack comes as the second case in the period of less than two weeks in South Korea. A smaller cryptocurrency exchange Coinrail has been hacked on June 10. According to some of the online reports, around $40 million worth of crypto could be damaged.

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