Published: Thu, June 21, 2018
Money | By Armando Alvarado

Hackers Stole $31 Million From South Korean Crypto Exchange

Hackers Stole $31 Million From South Korean Crypto Exchange

We checked that some of [our] cryptocurrencies valued about $30,000,000 was stolen.

In a notice posted on its website on Wednesday that it had stopped all trading and stored "all clients" assets in safe cold wallets' which are stored on platforms not directly connected to the internet. Whether this was somehow linked to the hack is unknown. For security, Bithumb has moved its assets to cold storage. This decision was due to some unusual activity regarding unauthorized access to its online wallets.

Deposit and withdrawal services were halted "for the time being", the exchange said.

It added the company will fully compensate customers.

The platform is the sixth-largest in the world, with an average daily trading volume of nearly $400 million, according to CoinMarketCap.

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The logo of Bithumb is seen at its cryptocurrencies exchange in Seoul, South Korea, January 11, 2018. This time, it was Coinrail, a relatively smaller exchange service.

As was the case with Coinrail attack, the price of Bitcoin, Ethereum, and Ripple all fell on the back of the news but have since recovered. Thus, some experts declared that the hack was responsible for the decline. A short time ago, prices for bitcoin had fallen by 2% to around $US6,600.

On the Luxembourg-based Bitstamp, bitcoin was down 1.8 percent at $6,612.92 by 0351 GMT, extending losses as a series of intrusions on cryptocurrency exchanges in recent weeks sparked concerns over security.

Bithumb trades more than 37 different virtual coins. There seemed to be signs of an emerging bull run as Bitcoin stayed above the $6,700 mark. Without an independent audit or third-party report into the incident, however, it is hard to know exactly what happened.

Bithumb did not reveal any details about this latest hack, such as what cryptocurrency the hackers stole, how they got into their IT system, or how they exfiltrated funds.

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