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Crypto exchange loses $31m from hack

22 June, 2018, 20:51 | Author: Sara Gill
  • Korean crypto exchange Bithumb says it lost over $30M following a hack		
		
	Jon Russell

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   	11 hours

On Wednesday, the global price of Bitcoin fell 1.4 percent to $6,658.

Melissa Lee went on to ask the question about "when" the market is expected to recover from the bear market, and the Litecoin founder has made a decision to take a more diplomatic stance and distance himself from price predictions. As of press time on Wednesday, the Coinrail platform was still down for system maintenance.

Despite Bithumb not officially confirming the actual cause of the hack, it's possible that an intruder gained access to an online wallet for some of the assets traded on the platform - judging from the relatively small amount stolen.

On June 16, Bithumb announced that it was temporarily suspending its service and "transferring all assets to the cold wallet in order to build up the security system and upgrade the database". It's estimated that 40 billion won, or $37.28 million, worth of cryptocurrencies was stolen. Much like Coincheck did after suffering an attack at the start of the year, Bithumb has promised to compensate all losses. "Bithumb urgently asks our valuable customers not to deposit any funds into Bithumb wallet addresses for the time being". Although Bithumb still hasn't revealed which cryptocurrencies were affected by this hack, they assured that all the losses from the theft will be reimbursed from the reserves of the exchange.

"We have noticed that between the last night and today morning, about 35,000,000,000 KRW worth cryptocurrencies have been stolen", Bithumb said.


South Korea has witnessed a lot of such suspicious activities and thefts and Bithumb has been the latest victim of what possibly is suspected as a hack.

Suspected cybercriminals have hacked Bithumb, the South Korea-based exchange platform.

Reacting to the hack, Bitcoin shed off nearly $200 in value within the hour after news of the hack broke, undoing the positive gain achieved in the 48 hours prior to the hack. A single Bitcoin is now valued at roughly $6,700, having rebounded slightly since the Coinrail Bitcoin heist lows.

At the time of writing this report, most of the top 100 coins have declined in the past few hours, presumably due to the Bithumb hack.

What do you think about these frequent hacks in the cryptocurrency market?

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