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Hackers Steal $30 Million from Major South Korean Exchange Bithumb

Hackers Steal $30 Million from Major South Korean Exchange Bithumb

Bithumb, the sixth largest cryptocurrency exchange in the world by volume, has suspended all deposits and withdrawals after losing about $30 million in cryptocurrency to hackers.

In a June 19 tweet that has since been removed, Bithumb said “[Notice for the suspension of all deposit and withdrawal service] We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.”

The exchange tweeted on June 15 that it would be transferring all assets to a cold wallet, but then published several tweets on June 19 and 20 warning users that deposits and withdrawals would be suspended. It’s not clear whether the hack occurred in connection to the planned cold wallet transfer.

Seoul--based Bithumb promised its users that it would cover all losses. Bithumb is South Korea’s second-largest cryptocurrency exchange and generates a 24-hour trading volume of just over $330 million.

The Bithumb theft is the second hack to hit a South Korean exchange in the past two weeks. Coinrail, a lesser-known exchange, lost approximately $37.2 million worth of coins to a hacking attack on June 10.

Bitcoin’s trading price had been rallying from a weekly low of around $6250 on June 14 to a weekly high of nearly $6800 on June 19. The price dipped to about $6600 following news of the Bithumb hack.

20 Jun 2018

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