S. Korean opens probe into hacking attack on top crypto exchange

23 June, 2018, 17:45 | Author: Gerard Cortez
  • Altcoins Breaking News Bithumb Hacked For $30 Million In Cryptocurrencies Market Drops nickchong

South Korea's biggest cryptocurrency exchange, Bithumb, said Wednesday it lost 35 billion won (US$31.5 million) worth of cryptocurrencies in a hacking attack, highlighting concerns that cryptocurrency exchanges are vulnerable to cyber attacks.

Investors in cryptocurrencies were also hit by losses after South Korean virtual currency exchange Bithumb said it had been hacked and $32 million worth of virtual currency held at the exchange was stolen.

Bithumb is the second South Korean-based cryptocurrency exchange platform to suffer a hack in June.

Earlier this year, South Korea imposed a ban on anonymous bank account used for trading digital currency in a bid to prevent the use of cryptocurrency for money laundering and other crimes. It didn't provide details of the attack, but it did say it will cover any losses for its users.

The minor correction was evidently triggered by the Bithumb hack, which immediately stopped the corrective rally of the cryptocurrency market and the short-term rally of Bitcoin from $6,300 to $6,700. According to data from CryptoCompare, the price of Bitcoin wasn't really affected and has maintained a strong resistance point around the $6,570 mark, yet this is still bad news for the entire market.

Seth MacFarlane Donates to NPR, KPCC After Slamming Fox News
Fox, based in NY , declined to comment. "Imagine if it was your kids". "This bullshit is the opposite of what Modern Family stands for", he added.

News of the breach sent Bitcoin's price down sharply, but the value later leveled off. Shortly thereafter, Bithumb revealed that it would be suspending all of its withdrawal and deposit services. Bithumb, the world's seventh largest cryptocurrency exchange in terms of 24-hour trade volume, announced in a notice that its hot wallet was hacked between the night of June 19 and the morning hours of June 20.

Some pundits blamed the Coinrail hack on the 11% "bloody Sunday" decline where hackers made off with around $40 million.

"Bithumb has been administering company's asset and customers' asset, and all customers cryptocurrencies, as well as KRW asset, are safely stored on cold wallet and bank respectively".

Before the Bithumb hack, the market appeared to be recovering as it gained more than $12 billion in total market capitalization.

Enthusiasm for virtual currencies has waned this year partly due to a string of cyber heists, including the almost $500 million theft from Japanese exchange Coincheck Inc.in late January.

Recommended:



Popular

North and South Korea Discuss Reunion For Families Separated By War
His trip to China is the third this year, following the ones in March and May when he met Chinese President Xi Jinping. In Beijing , Kim is likely to ask Xi to ease up on economic sanctions - something the United States strongly opposes.

Harry Kane comes up with weirdest excuse for abject England display
Kane and England made the flawless start to the tournament as he tapped home from close range to score after just 11 minutes. The Tottenham Hotspur forward headed home in stoppage time to hand Three Lions a 2-1 win on Monday night.

Pentagon Suspends Next Military Exercise Slated For South Korea
Kang said that before sanctions are lifted, various confidence-building measures can be taken among the parties concerned. In 2008, joint events like this were held to mark the anniversary at Mount Kumgang on North Korea's east coast.

Donald Trump says he will not let United States become 'migrant camp'
The Department of Health and Human Services said there are now 11,700 children under its care in 100 shelters across 17 states. She said family separation is a "heartbreaking.issue that could be changed in a moment by the president of the United States".

David Warner set for his maiden CPL stint with St. Lucia
He had to miss out on the Indian Premier League (IPL) season 2018 as well but he is soon to make a comeback in the T20 arena. Following the Canadian league, Warner, along with Bancroft, will play in Darwin's limited-overs Strike League.

Toyota TS050 Hybrid Claims Le Mans Win
It is planned that the new hypercar in two years will take part in the world championship on races on endurance. Former Formula One champions Fernando Alonso and Jenson Button are among 180 drivers in the crews of three.

Five injured in 'minor' explosion at London underground station
The station, about eight miles from central London , was closed and the area cordoned off amid reports of a suspicious package. A Twitter user with the handle @nakzokulah posted: "I was at Southgate Station when this commotion started".

Brexit deal: 'Meaningful vote' battle to resume in Lords
At nearly the final moment on Tuesday, the two sides agreed to find a compromise and have until 1600 GMT to present it. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

Giuliani Says Trump's Call on Mueller Interview Likely Next Week
On Sunday, Giuliani described Trump's criterion for any pardon: prosecutorial unfairness, in the eyes of the president. Manafort will be in jail for the next three months awaiting trial on charges that now include witness tampering.

Melania 'Hates to See' Families Separated at Border
Thus, since they are taken into custody as potential criminals, their children are not allowed to stay with them. Nielsen stressed that families seeking asylum at border entries are not breaking the law.