Sunday, 18 November, 2018

Top Bitcoin Exchange Bithumb Reports More Than $30 Million in Cryptocurrencies Stolen

Korean crypto exchange Bithumb says it lost over $30M following a hack Korean Cryptocurrency Exchange Bithumb Loses More Than $30 Million in Hack
Lloyd Bates | 23 June, 2018, 17:46

Currently, Bithumb is the world's sixth largest exchange by trade volume, which has halted all type of transactions on the platform-deposits and withdrawals.

Yesterday, the crypto exchange announced that it would be temporarily suspending its deposit service as it went about changing its wallet service.

The $30 million worth of cryptocurrencies stolen comes on the heels of CoinRail being hacked just a few weeks ago. The company said it would compensate customers for all lost assets.

Interestingly, since the promise of reimbursing customers' assets was announced, it has been taken off Twitter.

The trend was more or so the same as users on Twitter questioned the whole event.

It is the second time in less than a year that the exchange has been breached.

In August 2017, Bithumb was attacked by hackers who stole personal information of about 31,800 investors.

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"Unlike traditional banking mechanisms, blockchain currencies can be stolen and moved to thieves accounts with no means of recovery".

It's the latest in a series of thefts reported by cryptocurrency exchanges in recent months.

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

"Local exchanges have quite poor security systems in place", said Kim Seung-joo, a professor at Seoul's Korea University. After an investigation it conducted with The Korea Internet & Security, a sub-organization of the ministry of science and ICT, Bithumb developers and security experts found a method to recover a portion of the stolen funds.

In April of previous year, Youbit, formerly called Yapizon, lost bitcoins worth 5.5 billion won and filed for bankruptcy after it was hacked for the second time in less than eight months. 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. Other sources put forward that around $40 million worth of cryptocurrencies may perhaps be in danger.

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. Bithumb rival Coinrail was targeted by hackers earlier this month in a raid which cost it $37m, around 30% of its total token/coin reserves.

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