Cryptocurrency exchange Bithumb is hacked in $36m heist

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

       @	   
   	11 hours

Bithumb, one of the top cryptocurrency exchanges in South Korea says it was hacked and digital assets worth about $30 million stolen.

According to Coindesk, Bithumb ranked as the sixth-busiest cryptocurrency exchange in the world.

Bitcoin plunged from W7.5 million to W7.08 million after news of the heist broke, and Bithumb's phone lines were inundated with calls from anxious investors inquiring about their deposits. Less than two weeks ago, Coinrail lost approximately $37.2 million worth of coins following a hacking attack. Meanwhile, Japanese cryptocurrency exchange Coincheck lost more than $500 million to hackers in January.

"All assets of our customers are securely saved in Bithumb's cold wallet; hence all assets are completely safe and secured", the platform said in a statement posted to its website on Wednesday.

It is also the second time a leading South Korean exchange has been compromised this month, following that of Coinrail on June 10, demonstrating fundamental security flaws in the current cryptocurrency trading system. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet. The South Korean exchange Bithumb confirmed on June 20 that 35 billion Korean won (approximately $31.5 million) in coins was stolen. The company has temporarily frozen deposits and trading while it is in the process of "changing our wallet system" following the incident.

In each of these hacks, the security shortcomings involve the exchanges' "hot wallets", or wallets that are stored and accessible online.

The recent Bithumb hacking attack has demonstrated the importance of utilizing major cryptocurrency exchanges because the company has officially stated that it will fully compensate the losses of its investors with company funds.

News of the theft at the exchange hit the prices of cryptocurrencies. As I've said many times, be smart and only keep on exchange coins that you are actively trading.

According to Bitcoinfees.info, the current average Bitcoin transaction fee is $2.53 per transaction. Earlier this month, another platform headquartered in Asia, Coinrail, admitted to losing more than $40 million in various currencies in a hack.

Related news:

Hot News

isis-killer-beheading-video-story-top North and South Korea agree to resume rare family reunions
Jun 23, 2018 - 00:04
Past reunions, some televised, have often unleashed floods of tears, with face-to-face encounters ending in painful separations. The 1950-53 Korean War was concluded only with a truce, not a peace treaty, leaving the combatants technically still at war.

isis-killer-beheading-video-story-top This new iOS 12 feature could save your life
Jun 23, 2018 - 00:01
What's more , only the 911 center will have access to the user's location, which could prove helpful in saving lives. There's no doubt the new 911 system in the USA will benefit countless users each year.

isis-killer-beheading-video-story-top Trump renews trade criticisms of Mexico,…
Jun 22, 2018 - 23:46
On April 3, the White House released a list of 1,300 Chinese products worth $50 billion that could be hit with potential tariffs . By picking agricultural goods in its latest list, China appeared to be targeting Trump's electoral base, he said.

isis-killer-beheading-video-story-top XXXTentacion’s mom hints he was expecting a baby, but who’s the mother?
Jun 22, 2018 - 23:20
Meanwhile an elderly couple faced death threats following social media rumours falsely linking them to the rapper's death. A BMW sits idle after reports of a shooting in Deerfield Beach involving the rapper XXXTentacion on Monday, June 18, 2018.

isis-killer-beheading-video-story-top Ndidi Confident Eagles Will Bounce Back Against Iceland
Jun 22, 2018 - 23:16
Others said that Musa had actually served Messi's World Cup cause more than his Argentinian teammates. But this time he hopes it will knock out the South Americans.

isis-killer-beheading-video-story-top Phoenix Suns: The pros and cons of drafting Luka Doncic No. 1
Jun 21, 2018 - 06:04
Doncic will leave for NY on Wednesday, sources said, and will be one of 20 players sitting in the green room at Barclays Center. The 76ers had acquired the pick from the New York Knicks .

isis-killer-beheading-video-story-top Plan for North Korea denuclearization exists, Seoul reveals
Jun 21, 2018 - 05:23
It has been particularly pleased by Trump's decision to suspend military drills with South Korea. Army officer with many years of experience focusing on North Korean issues.

isis-killer-beheading-video-story-top Starbucks lowers profit forecast, speeds closures of poorly performing stores
Jun 21, 2018 - 05:14
That's their lowest quarterly growth since 2009, Bloomberg.com reported. Starbucks will borrow to finance the buybacks, Maw said.

isis-killer-beheading-video-story-top Key dates in LeBron James’ approaching free agency
Jun 21, 2018 - 04:58
The Cavaliers are not actively shopping All-Star forward Kevin Love heading into Thursday's National Basketball Association draft, multiple sources told ESPN on Wednesday.

isis-killer-beheading-video-story-top First Tesla Model 3 Performance AWD built; Musk claims company was "sabotaged"
Jun 20, 2018 - 04:28
Last week, Musk announced that 9% of the company's workforce was being laid off, without specifying an exact number. It "could just be a random event", Musk said, but then quoted the title of the late former Intel Corp.

isis-killer-beheading-video-story-top 'Modern Family' Boss, Seth MacFarlane Embarrassed to Work for Fox
Jun 20, 2018 - 04:10
MacFarlane of course is the creator behind Fox tv's powerhouse shows Family Guy , American Dad! and The Orville . Feig tweeted, "I have made two films for 20th Century Fox and love the people in the movie and TV divisions".

isis-killer-beheading-video-story-top England's Harry Kane: Spurs' Mauricio Pochettino congratulated me after win
Jun 20, 2018 - 04:06
Players still had to cover themselves with bug spray before the game and at halftime, but that seemed to have little effect. Ronaldo and Messi have shared the last 10 Ballon d'Or titles, awarded to the best player in the world.

isis-killer-beheading-video-story-top Five injured after battery explodes at Tube station in north London
Jun 20, 2018 - 03:53
A small number of people have been treated after a reported minor explosion at a Tube station in north London , police say. A police cordon surrounds the station and there was still a police presence coming up to 10pm.

isis-killer-beheading-video-story-top Uruguay Face Egypt, Morocco To Meet Iran
Jun 20, 2018 - 03:31
Uruguay have won their opening match at a World Cup tournament for the first time since 1970, when they beat Israel. Tabarez praised his side's performance while calling on them to improve in their next game against Saudi Arabia.

isis-killer-beheading-video-story-top ‘He is a hero’: Armed civilian kills gunman at Tumwater Walmart
Jun 18, 2018 - 20:31
Ran out a side emergency exit and attempted to run to my vehicle in the parking lot but heard 4 more pops in the lot. As I said, there are parts of the story which still haven't been made entirely clear. "Get out, get out!'" she said.