Bithumb Says They Lost $30 mil

Bithumb Says They Lost $30 mil

Bithumb Says They Lost $30 mil

South Korean cryptocurrency exchange Bithumb said 35 billion won (24 million pounds) worth of virtual coins were stolen by hackers, the second local exchange targeted in just over a week as cyber thieves exposed the high risks of trading the digital asset.

However today, the cryptocurrency market added $8 billion to its valuation after the slight recovery made by Bitcoin, shortly after Bithumb, South Korea's largest cryptocurrency exchange was hacked. Over the past year, South Korea lost almost 100 billion won to cyberthieves. The modest decline seen from the Bithumb hack seems to indicate that an exchange hack of $30 to $40 million would not usually push prices down by more than 10%.

It claimed that all lost funds will be covered by Bithumb from its own reserve and that remaining assets were removed to a secure cold wallet. Bithumb has suspended all withdrawals and has asked customers not to deposit any more funds until further notice.

The rest of Bithumbs' assets have been transferred to a cold wallet, a storage that's entirely disconnected from the internet.

As mentioned earlier, Bithumb was the second cryptocurrency exchange to be hacked within this month.

Despite raising concerns over cryptocurrency exchanges in the country, the price of cryptocurrencies appeared to be recovering from earlier losses that followed the news of the hacking incident.

The sixth largest crypto trading platform might provide compensation for the same, but when it might start occurring is still unknown. A single Bitcoin is now valued at roughly $6,700, having rebounded slightly since the Coinrail Bitcoin heist lows.

"Due to implementing enhancement as well as ongoing safety check on deposit/withdrawal servers, cryptocurrency deposit/withdrawal and KRW [local currency] withdrawal service will be halted for the time being and until services are thoroughly reviewed", it continued. According to reports, Coinrail hacker may have stolen 1,927 ether, 2.6 billion NPXS, 93 million ATX and 831 million DENT coins, as well as significant amounts of six other tokens. As I've said many times, be smart and only keep on exchange coins that you are actively trading.

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