Bithumb: Hackers ‘rob crypto-exchange of $32m’

Dwayne Harmon
June 22, 2018

Bithumb, ranked by Coinmarketcap.com as the world's seventh-largest crypto exchange by traded value, said on Wednesday that hackers stole about 35 billion won (S$42.7 million) and that Ripple was among the coins taken.

In a now-deleted tweet, Bithumb said today that 35 billion won of tokens - around $31 million - were snatched.

The exchange said it will compensate users affected by the hack, and that all assets are being moved to a cold wallet.

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

However, the consensus among most experts is that the recent investigation by the USA government on suspected price manipulation activities in the market as well as the expiration of Cboe Bitcoin futures contracts was the likely cause of price reduction.

We hope bitcoin's price stay's steady, recovers at a constant pace and other trading platforms should start preparing to counter such hacks before more damage starts hitting. It said it would "make up" all losses.

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Their latest post after the theft came into light, mentioned that they are halting all transactions as a matter of increased safety issues for which they are changing their wallet system.

South Korean exchange Bithumb has been targeted by hackers for the second time in a year, this time losing over $31m in cryptocurrency.

Last week the company carried out a security upgrade to its database and transferred some of its cryptocurrency assets to storage systems which are not connected to the internet. Early this month, another local exchange Coinrail was hacked and over $37 million worth Cryptocurrencies were stolen.

Numerous trading and exchange sites have been criticized for paying less attention to security measures, a vulnerability that exposes them to hacking.

The cyber attack followed the high-profile theft of Japanese cryptocurrency exchange Coincheck in January. Bitcoin declined to $6,550 when the news broke around 1.15 am UTC, but then saw a slight rally to $6,600. Coinrail is a much smaller exchange than Bithumb, and the losses will have a much more significant effect on the smaller South Korean exchange.

Bitcoin (virtual currency) coins placed on Dollar banknotes are seen in this illustration picture, November 6, 2017.

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