South Korean Exchange Bithumb hacked, $30 Million Stolen

South Korean Exchange Bithumb hacked, $30 Million Stolen

South Korean Exchange Bithumb hacked, $30 Million Stolen

Bithumb, South Korea's largest cryptocurrency exchange, has temporarily suspended all deposits and payments after hackers stole 35 billion won ($31M USD) from the platform.

Bithumb, which is the world's sixth-largest exchange by volume, originally revealed it had been attacked Wednesday.

Bitcoin plunged from W7.5 million to W7.08 million after news of the heist broke, and Bithumb's phone lines were inundated with calls from anxious investors inquiring about their deposits.

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.

On June 20, major cryptocurrencies including Bitcoin, Ethereum, Ripple, and Bitcoin Cash fell by around 2 percent as the market fell slightly, led by the intensified downward movement of tokens and smaller cryptocurrencies.

Following the attack, Bithumb has stored all assets in "safe cold wallets", according to Reuters.

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Earlier this month, the minor exchange Coinrail said it was hacked and lost digital money worth around 40 billion won. "But a portion of the cryptocurrency that was left in our hot wallet to ensure fast transactions had been stolen".

"Due to the increasing safety issues, we are changing our wallet system", Bithumb said on Twitter. Although Bithumb has yet to disclose which and how much cryptocurrency had been stolen, it said in the announcement that the loss will be covered by the platform.

Bithumb lost millions-worth of cryptocurrency in a cyberattack. Bitcoin transaction fees have dramatically risen in response to the Bithumb hack: The average transaction costs almost $3, up from $0.55, and takes 20 minutes to confirm instead of the previous six minutes (at time of writing). As I've said many times, be smart and only keep on exchange coins that you are actively trading.

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.

That said, the decline also coincided with a broader crypto sell-off that followed a Wall Street Journal report that said US regulators were investigating potential price manipulation at four major cryptocurrency exchanges.

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