Crypto Exchange Bithumb Hacked, Loses $31.5M

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Crypto Exchange Bithumb Hacked, Loses $31.5M

Bithumb, a cryptocurrency exchange located in South Korea, has revealed that hackers stole virtual money worth around $31.5 million.

According to Coinmarketcap.com, Bithumb, the world’s sixth-busiest cryptocurrency exchange, put a notice on its website advising that it has halted all trading after learning that “certain cryptocurrencies worth roughly 35 billion won were taken between late yesterday and early am today.”

The Seoul-based operator, which trades over 37 different virtual assets, said on Twitter that it will completely reimburse consumers from its own reserves. All user assets are now housed in “secure cold wallets” that are not directly linked to the internet, according to the company.

“We are upgrading our wallet mechanism due to the escalating safety risks,” Bithumb announced on Twitter. “To ensure security, all deposit and withdrawal services will be suspended.” We will notify you when the service is restarted. We regret for the inconvenience and appreciate your patience.”

Bithumb requests that our valued clients refrain from depositing funds into Bithumb wallet addresses for the time being.

▶ https://t.co/rnMGmKMBUf

— Bithumb (@BithumbOfficial) June 20, 2018

Another Blow for Cryptocurrencies

Following the publication of Bithumb’s tweets, the price of bitcoin plunged from about $6,718.35 to as low as $6,561.79, according to CNBC and CoinDesk’s price indexes. Bitcoin’s price had rebounded marginally by 4:45 AM EST, reaching $6,632.30.

According to CoinDesk statistics, Ethereum likewise fell on news of the robbery before recovering some of its losses. (See also: What Happens If Bitcoin Prices Fall?)

The Bithumb robbery occurred only weeks after hackers took around $37 million from the South Korean crypto exchange Coinrail and many months after hackers stole more than $500 million from Japan’s exchange Coincheck.

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Some media pundits attributed the current cryptocurrency sell-off on the Coinrail robbery, despite the fact that the South Korean business was only the 99th biggest crypto exchange in the world in terms of transaction volume. Bitcoin sentiment has also been impacted by allegations that US officials are looking into alleged price manipulation at four major cryptocurrency exchanges. (See also: What Caused Bitcoin’s Price Drop Last Weekend?)

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