Cryptocurrencies Fall as Korean Exchange Says $32 Million of Coins Stolen

Korean crypto exchange Bithumb says it lost over $30M following a hack

Hackers made away with $31 million worth of Bitcoin from Korea-based exchange Bithumb - one of the largest in the world.

A temporary notice (that has since been removed from the Bithumb website) announced a halt in trading after the exchange revealed that "some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today".

This is the second time Bithumb got hacked in last one year and the second consecutive hack in last one week in the Korean exchanges.

Well, it isn't the first time South Korea exchanges faced a hack.

Prior to the most recent attack, Bithumb had agreed to pay authorities $28 million in backdated taxes - something which initially caused suspicion among commentators when it became known hackers had stolen a similar amount.

The exchange said it will compensate the loss from its own funds and that all customers' assets have been "securely saved" in the company's "cold wallet".

Bithumb did not immediately respond to Reuters" request for comments, and its statement did not say whether the stolen coins were stored in its "hot wallets'.




Coinrail is a relatively smaller crypto exchange platform with approximate $2.5 million trading volume, according to Nasdaq.

That said, the decline also coincided with a broader crypto sell-off that followed a Wall Street Journal report that said US regulators were investigating potential price manipulation at four major cryptocurrency exchanges.

The earlier hack had coincided with other related negative news about price manipulation and regulations.

"All deposit and withdrawal service will be stopped to make sure the security", announced Bithumb.

Last week the company carried out a security upgrade to its database and transferred some of its cryptocurrency assets to storage systems which are not connected to the internet.

As the demand for cryptocurrency and digital has started to increase rapidly and intensify, industry experts and regulators have asked investors to utilize major cryptocurrency exchanges like Bithumb, UPbit, and Korbit to avoid hacking attacks and security breaches. As a result, all deposits and payments have been temporarily suspended.

How do you think this latest hack will impact market prices in the short and long-term?

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