Bitcoin price drops after hackers steal £24m from South Korean exchange Bithumb

Korea's major crypto exchange Bithumb hacked; coins worth $32 million stolen

Korea's major crypto exchange Bithumb hacked; coins worth $32 million stolen

South Korea-based cryptocurrency exchange Bithumb has confirmed that virtual currency worth about $31.5 million has been stolen by hackers.

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.

Cryptocurrencies dropped yesterday after the second South Korean exchange in as many weeks said it was the victim of a theft, renewing concerns about the safety of digital asset trading venues. "All deposit and withdrawal service will be stopped to make sure the security". Meanwhile, Bitcoin fell from about $6,718.35 to as low as $6,561.79, following the tweets from Bithumb, according to CoinDesk's bitcoin price index.

Because this was the second time Bithumb's security was breached, the request of the Ministry of Science and ICT promised to check if the cryptocurrency exchange has followed security recommendations which followed a three-month inspection this year.

"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".

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The recent Bithumb hacking attack has demonstrated the importance of utilizing major cryptocurrency exchanges because the company has officially stated that it will fully compensate the losses of its investors with company funds.

Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being. But as Charlie Lee said, "Hopefully Bithumb is able to cover this amount, though $30 million is no small amount".

In Ho, a professor at Korea University's Blockchain Research Institute, said the stolen coins were most likely to be from the more insecure 'hot wallets'. Demand for Bitcoin was so extreme at one point that it lifted prices in the country 50 percent higher than those in America. They immediately started transferring all the digital assets held by them to their cold wallets as a prevention to further damages.

We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Coinrail is another South Korean Cryptocurrency exchange platform, albeit little known.

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