Hackers Swindle $30mln. Worth Cryptocurrencies From Bithumb June 20, 2018 June 20, 2018 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
NewsJune 20, 2018 by Kelly Cromley

Hackers Swindle $30mln. Worth Cryptocurrencies From Bithumb

It is just over a week after South Korean exchange Coinrail was hacked and, still, it seems many cryptocurrency exchanges have not learned their lesson. Bithumb, a leading South Korean exchange was hacked today, leading to a loss of about $30 million dollar equivalent cryptocurrencies. The exchange has halted trading.

It has requested clients to avoid making deposits. Withdrawal requests will not be processed as well. The exchange has also asked clients to avoid logging into their accounts before all the checks are completed.

The incident was announced by a Bithumb through their twitter handle.

“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.”

The message was followed by a series of tweets

Commenting on the hacking incident, Litecoin creator Charlie Lee said

Notably, on June 16, Bithumb upgraded their security system and moved the crypto assets to cold storage.

One of the Twitterati had rightly guessed of a possible hack scenario at that time

Bithumb is the sixth largest cryptocurrency exchange by trading volume. Even though the amount is not big enough to create jitters as in the case of $530 million theft faced by Coincheck exchange of Japan, still, cryptocurrency users will be disappointed by such routine hacking incidents. Almost all the big names in the cryptocurrency market, including Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and Tron (TRX) are traded in the exchange.

Cryptocurrency investors and traders can only hope that this would be the last hacking incident and exchanges take their responsibility more seriously.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.