Home / Uncategorised / South Korean Crypto Exchange Bithumb Hacked, Thieves Steal $30 Million

South Korean Crypto Exchange Bithumb Hacked, Thieves Steal $30 Million

Japan Cointelegraph states on June 19 that the hackers had stolen cryptocurrencies worth $30 million from Bithumb one of the biggest leading virtual currency exchange in  South Korea’s as a result all the deposits and payments is at present suspended for any exchange of tokens.

As the Bithumb tweeted on twitter about this:

“All deposit and withdrawal service will be stopped to make sure the security. We will keep notice you of the restart of the service. We apologize for your inconvenience and thanks for your understanding.”

The exchange stated that all its assets are being moved to cold wallet due to hack the users need to compensate their exchange for sometime.

We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.”

Recently they moved the large amount of Ethereum to its cold wallet when they noticed some abnormal access in they accounts. On 16th June Bithumb announced the server check “in order to maximize security settings.”  They made a maintenance planned on 5:20 am KST to 9:00 am KST, but increased the scheduled time.

Sentinel Protocol who are specialized in hacking, scam, and fraud detection, the hot wallet was hacked on the 19th June night which include some of coins of Ripple and according to Korean resident officials from the Sentinel Protocol, are the hackers of today.

According to CoinMarketCap, Bithumb is the world’s sixth largest exchange platform who trade 24-hour trade volume at $374 million.

The Industry journalist and commentator Joseph Young said:

“[The Wall Street Journal] thinks Bitcoin price fell 11% because a small cryptocurrency exchange in South Korea which a very small portion of local users utilize was hacked. Bitcoin fell because people sold and not enough people were willing to buy, not because of a small hack.”

In month of May the hacker sole nearly $37 million of Coinrail again one of the biggest crypto exchange of South Korea. Whereas Coinrail ranked the 99th largest crypto exchange in the world in terms of trade volume, some people claimed that the hack was made because of crashing crypto markets.


About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates:

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