Hackers steal $30m in cryptocurrencies from Bithumb

June 20, 2018
Chris Wheal

Bithumb, South Korea’s leading and the world’s sixth-largest cryptocurrency exchange, has lost $30m to hackers forcing the company to temporarily shut down its platform and suspend all deposits and withdrawals.

BitThumb

The exchange put up a notice on its blog on Wednesday morning stating “members should immediately discontinue depositing their passwords until further notice”.

Assets moved to cold wallet

The notice continued: “It has been confirmed that some cipher money of around Won35bn was stolen from late last night to early morning today. Please be assured that all of your lost passwords will be covered by your company and we will inform you that all of your assets are being held and moved to a secure cold wallet.”

Bithumb also used its Twitter account to notify users that its services would be stopped while the security measures were undertaken.

By average daily trading volume, Bithumb is the world’s sixth-largest exchange and according to CoinMarketCap its trade volume in the past 24 hours was $399.5m. Top-rated Binance had totalled $1.3bn in the same time period.

South Korea hotspot

This was the second multi-million-dollar cyber attack on a South Korean exchange this month after hackers grabbed around $37m from the Coinrail exchange – a much smaller trading venue, ranked at the time only 99th globally in terms of average daily volumes.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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