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.

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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.



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