South Korea launches probe into Bithumb hack

Korean crypto exchange Bithumb says it lost over $30M following a hack

Bithumb exchange was hacked losing $32m in cryptocurrencies.

A South Korean exchange, Bithumb, has reportedly been hacked, resulting in the loss of 35 billion won worth of cryptocurrencies it was storing.

Bitcoin, the largest cryptocurrency, dropped as much as 2 per cent and was trading at US$6,588 yesterday, bringing this year's decline to 54 per cent, according to Bloomberg composite pricing.

Unlike Coinrail, which lost more than $40 million in altcoins when it suffered an attack, Bithumb is one of the biggest exchanges-according to CoinMarketCap data, it's the world's sixth largest cryptocurrency exchange.

The $30 million worth of cryptocurrencies stolen comes on the heels of CoinRail being hacked just a few weeks ago.

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. The incident was blamed for the fall experienced by Bitcoin, but experts argued that this isn't the case at all.

Despite Bithumb not officially confirming the actual cause of the hack, it's possible that an intruder gained access to an online wallet for some of the assets traded on the platform - judging from the relatively small amount stolen. Bithumb and other major cryptocurrency exchanges in Korea are required to implement authentication procedures for cyber security, but none of them have complied. "Bithumb urgently asks our valuable customers not to deposit any funds into Bithumb wallet addresses for the time being". Deposits and withdrawal services will be halted until the system is fully secured, it said.

It's the latest in a series of thefts reported by cryptocurrency exchanges in recent months. The existence of enough Dollars to back the crypto reserves of the cryptocurrency pegged to the fiat currency 1:1 on an even scale is great enough to counter yet another possible price correction, and more good news will definitely bring the prices up once again.

Bithumb lost millions-worth of cryptocurrency in a cyberattack. Bithumb has annual profits of around $300 million, so the Bithumb hack shouldn't threaten their long-term survival.

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