Bithumb Top Seoul Bitcoin Exchange Lost 35 Billion To Hackers
Bithumb Top Seoul Bitcoin Exchange Lost 35 Billion To Hackers: South Korean cryptocurrency exchange Bithumb said 35 billion won ($31.5 million) worth of virtual coins were stolen by hackers, the second local exchange targeted in just over a week as cyber thieves exposed the high risks of trading the digital asset.
Bithumb said in a notice on its website that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.
The exchange, the 6th busiest in the world according to Coinmarketcap.com, said it had stored “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet.
It added that the company would fully compensate customers. On the Luxembourg-based Bitstamp, bitcoin BTC=BTSP was down 1.8% at $6,612.92 by 0351 GMT, extending losses as a series of intrusions on cryptocurrency exchanges in recent weeks sparked concerns over security.
It has fallen roughly 70% from its all-time peak hit around mid-December 2017.
On June 11, another South Korean crypto currency exchange Coinrail said it was hacked. The cyber-attacks come after a high-profile theft of over half a billion dollars’ worth of digital currency at Japan’s exchange Coincheck earlier this year.
In January, South Korea banned the use of anonymous bank accounts for virtual coin trading to stop cryptocurrencies being used in money laundering and other crimes. But the government said it does not intend to go as far as shutting down domestic exchanges.
Bithumb trades more than 37 different virtual coins, according to Coinmarketcap.com
The Bithumb theft highlights the security risks and the weak regulation of global cryptocurrency markets. Global policymakers have warned investors to be cautious in trading the digital currency given the lack of broad regulatory oversight.
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