Published: Thu, June 21, 2018
Markets | By Otis Pena

Crypto Exchange Bithumb Hacked, Loses $31.5M

Crypto Exchange Bithumb Hacked, Loses $31.5M

For the second time in a year, South Korean cryptocurrency exchange Bithumb has been hacked, and this time around, hackers stole the equivalent of 35 billion won ($31.6 million) worth of cryptocurrency.

Deposit and withdrawal services were halted "for the time being", the exchange said. Bitcoin fell around 2%. Ripple, Ethereum and Litecoin also retreated, along with some Asia-listed stocks with exposure to digital currencies.

News of the theft at the exchange hit the prices of cryptocurrencies.

In January, Japanese exchange Coincheck said hackers stole more than $500 million worth of cryptocurrency. Last week, a South Korean venue called Coinrail said that some of the exchange's digital currency appeared to have been stolen by hackers, but it didn't disclose how much. "It can weather the storm on these negative reports".

Michael Jackson Estate Developing Broadway Musical
Hopefully they will make the wise choice to cast human actors to play Jackson, rather than bring out the hologram from storage. An American in Paris Tony victor Christopher Wheeldon has been tapped to direct and choreograph.


While most experts in South Korea believe that all local cryptocurrency exchanges are hackable and vulnerable to security breaches, there exists quite a few cryptocurrency trading platforms that have operated more than five years with a clean record and no signs of breach.

The speculative fervor has since cooled amid a government crackdown, but Korean exchanges are still among the world's most active.

Unlike Coinrail, which lost more than $40 million in altcoins when it suffered an attack, Bithumb is one of the biggest exchanges-according to CoinMarketCap data, it's the world's sixth largest cryptocurrency exchange. The Korea Internet & Security Agency said it is now investigating the matter, and Seoul police have been sent to Bithumb's headquarters to collect records and data from its computers. "The overall market is seeing a lot of regulatory action and incidents like these will only hasten the process".

Like this: