Korean Cryptocurrency Exchange Bithumb Loses More Than $30 Million in Hack

Korean crypto exchange Bithumb says it lost over $30M following a hack		
		
	Jon Russell

       @	   
   	11 hours

Korean crypto exchange Bithumb says it lost over $30M following a hack Jon Russell @ 11 hours

South Korea's major cryptocurrency exchange Bithumb was hacked and an estimated 35 billion won ($31.51 million) worth of coins were stolen, the Seoul-based exchange said on Wednesday. The company has moved all their existing assets at a safe place to a cold wallet which will preserve cryptocurrencies in an offline environment which is inaccessible on the net. It also said that it would fully compensate all of its customers affected by the hack.

The Bithumb theft highlights the security risks and the weak regulation of global cryptocurrency markets.

As mentioned earlier, Bithumb was the second cryptocurrency exchange to be hacked within this month.

Mun Chong-hyun, chief analyst at ESTsecurity, said digital coins would continue to be juicy targets for hackers around the world. "It is held anonymously and in lightly-secured systems, which makes them an irresistible target", Mun said.


Just weeks after Korean crypto exchange Coinrail lost $40 million through an alleged hack, another in the crypto-mad country - Bithumb - has claimed hackers made off with over $30 million in cryptocurrency.

It is the latest series of cyberattacks on crypto exchanges that have raised security concerns for investors.

Enthusiasm for virtual currencies has waned this year partly due to a string of cyber heists, including the almost $500 million theft from Japanese exchange Coincheck Inc.in late January.

Cybercriminals haven't been very kind to South Korea's cryptoexchanges recently. But the government said it does not intend to go as far as shutting down domestic exchanges.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.