South Korean crypto exchange loses $31 million from hack

Galtero Lara
Junio 20, 2018

In a now-deleted tweet, Bithumb said today that 35 billion won of tokens - around $31 million - were snatched.

Major cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Bitcoin Cash, which successfully picked up some momentum throughout June 17 to 19, ended their corrective rallies and have fallen by around 1 percent over the past few hours.

Earlier this month, CCN reported that CoinRail, a top 10 cryptocurrency exchange in South Korea, was hacked. The company said it would compensate customers for all lost assets.

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South Korea's cryptocurrency exchange, Bithumb, was attacked by hackers, making it the second South Korean cryptocurrency exchange to be ransacked. The company has temporarily frozen deposits and trading while it is in the process of "changing our wallet system" following the incident. But, if Bithumb had stored a significant chunk of its holdings in a hot wallet, the breach could have gotten a lot worse. Although Bithumb has yet to disclose which and how much cryptocurrency had been stolen, it said in the announcement that the loss will be covered by the platform. Last week, another South Korean cryptocurrency exchange, Coinrail, was also hacked.

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

Technically, Bitcoin has been on a positive trend as of late and was on track to reaching $7,000 after rebounding to $6,700 from a weekly low of $6,200.

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