Published: Fri, June 22, 2018
Finance | By Jaime Brady

Hackers steal $30 million from top Seoul bitcoin exchange

Hackers steal $30 million from top Seoul bitcoin exchange

Investors in the global cryptocurrency market and the exchange market of South Korea started a sell-off of digital assets with concerns that the Bithumb hack might result in a short-term decline movement.

The attack on the South Korea-based exchange, Bithumb, was smaller in value than some of the biggest hacks on cryptocurrencies.

One of the most popular South Korean exchanges, Bithumb has been reportedly hacked a few hours ago as announced by the Bithumb official Twitter page. Shortly thereafter, Bithumb revealed that it would be suspending all of its withdrawal and deposit services. The attackers supposedly hit the company sometime between "late [Tuesday night] and early [Wednesday]", taking off with millions worth of crypto coins, including Ripple.

Bithumb has suspended trading after the latest cyber-heist saw the crypto exchange robbed of $36.6m (£24m) worth in currency last night.

Bithumb announced on Wednesday, 20 June 2018 that $30 million in cryptocurrency had been stolen from its coffers.

"It was the hot wallet that was hacked, so we are uncertain at this point whether the stolen cryptocurrencies are our customers' or the company's", a Bithumb spokesperson explained.

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Enthusiasm for virtual currencies has waned this year partly due to a string of cyber heists, including the almost $500 million theft from Japanese exchange Coincheck Inc.in late January.

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In its announcement, Bithumb didn't disclose the exact details of the coins that were affected in the hack and in what quantities.

In an update posted on June 21, the Bithumb said it was beginning "recovery" processes and that the total losses from the recent hack could ultimately decrease. 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. However, Bithumb reportedly moved a significant amount of Ether tokens to its offline wallet.

Bitcoin price is teasing traders with brief bullish signals, besides it has maintained the support at $6,600; covered in an earlier analysis today.

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