Home Finance Bithumb Crypto Exchange Was Hacked – $31 Million Worth Crypto Were Stolen

Bithumb Crypto Exchange Was Hacked – $31 Million Worth Crypto Were Stolen

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Bithumb is one of the largest crypt exchange platforms in South Korea, and it just issued an announcement on its website saying that 31 billion won ($31 million) worth of crypto have been stolen.

Customer deposits and withdrawals are suspended for the moment as the exchange begins the investigation to find out what happened.

This is the second time a massive crypto exchange in South Korea gets hacked this month, and it’s obviously not a good sign at all. On June 10, Coinrail lost $40 million, and the event dragged Bitcoin down 10% within 24 hours.

At the time of writing, Bitcoin is trading at $6,612, down 2.2% from its 24-hour high of $6,762, according to WorldCoinIndex.

Bithumb was working to enhance security

Just recently, on June 15, Bithumb tweeted that it was building up its security system.

Bithumb suspended deposits around 00:53 UTC. All assets were transferred to cold wallets, which are not connected to the internet and not susceptible to hackers.

“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,” they posted at the time.

The exchange’s customers are waiting for updates from Bithumb. The platform stated that it would cover all losses after the hack.

“It has been confirmed that some cipher money of around 35 billion won was stolen from late night to early morning today. Please be assured that the company will cover all of your lost passwords and we will inform you that all of your assets are being held and moved to a secure cold wallet…However, this loss will be compensated by Bithumb’s own reservoir, and all of our assets are securely saved in Bithumb’s cold wallet.”

Bithumb is the sixth largest cryptocurrency exchange in the world by volume, and South Korea is currently one of the world’s largest crypto markets.