One of the most popular South Korean cryptocurrency exchanges, Bithumb, has recently suspended all the deposits and withdrawals from the platforms, after losing about $30 million worth of cryptocurrencies as the result of an apparent hack.
The company, which is based in Seoul, was once the largest cryptocurrency exchange. This Wednesday, it announced that more than $30 million of undisclosed cryptocurrencies have been stolen from the platform.
As Bithumb said on Twitter:
“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.”
“[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.
— Bithumb (@BithumbOfficial) June 20, 2018“
This theft was a result of a hack, even though there is no formal confirmation about this. It is very likely that a hacker or a group of them gained access to an Internet-connected “hot wallet” for one of the more thinly-traded assets listed on the platform.
Bithumb also said that the company will cover all of the losses so that users won’t be affected. Currently, the exchange ranks as the sixth largest and South Korea’s second largest cryptocurrency exchange with a market cap of over $330 million.
The incident, on the other hand, is a second time a South Korean exchange had been hacked this month. Two weeks ago, the little-known exchange Coinrail also lost more than $37 million worth of coins, comprising a variety of ERC-20 tokens.
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