Hackers steal $30m from crypto exchange Bithumb

Devin Lawrence
June 23, 2018

Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being.

"Sorry we can't pay those back taxes, we just got hacked and surprisingly for the exact amount that we owed you, sorry fam". A Bithumb spokesman has confirmed over the phone to News.Bitcoin.com that it does not know which virtual currencies exactly were stolen at this point, and did not mention whether it was indeed a hack. All this while, the funds have been transferred to a secure cold wallet. This decision was due to some unusual activity regarding unauthorized access to its online wallets.

It announced a server check that was expected to "build up the security system", but the maintenance time scheduled from 5:20 a.m. KST to 9:00 a.m. KST took more time than it should have. However, the server check, which was to upgrade Bithumb's security protocols, exceeded the scheduled few hours. In clearer terms, Bithumb users will only be affected by the temporary suspension of service. "But a portion of the cryptocurrency that was left in our hot wallet to ensure fast transactions had been stolen".

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The sixth largest crypto trading platform might provide compensation for the same, but when it might start occurring is still unknown. Although a change in the wallet system may be a security improvement for some exchanges, it ended up backfiring, resulting in an unexpected cryptocurrency hack. This time, it was Coinrail, a relatively smaller exchange service.

Bitcoin price breaks above $6,700, $6,800 is within reach in the short-term. Thus, some experts declared that the hack was responsible for the decline.

Numerous trading and exchange sites have been criticized for paying less attention to security measures, a vulnerability that exposes them to hacking. It is now $6,643 per coin. Today, the cryptocurrency market added $8 billion to its valuation following Bitcoin's slight gain, recovering from the Bithumb hack within 24 hours. Less than two weeks ago, Coinrail lost approximately $37.2 million worth of coins following a hacking attack. Meanwhile, Japanese cryptocurrency exchange Coincheck lost more than $500 million to hackers in January. Keep the conversation going in the comment section below.

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