Hackers just stole $30 million from the world's sixth largest crypto exchange

Ivan Schwartz
June 21, 2018

Suspected cybercriminals have hacked Bithumb, the South Korea-based exchange platform. Apparently, there was another tweet that did mention that $30 million had been stolen, but that tweet appears to have been deleted.

Local investors have claimed that Bithumb was aware of the hacking attack since June 16 and its security team and developers tried to prevent the breach from affecting its wallet.

The exchange, the sixth 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.

At precisely 00:53 UTC on June 20, 2018, Bithumb disabled deposits on the platform.

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

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Two massive attacks within two weeks on separate Korean exchanges have raised concerns. This time, it was Coinrail, a relatively smaller exchange service. Right now we have already saw a small dip as the price currently sits around $6,600 as the announcement about the Bithumb cryptocurrency hack was just made almost 30-40 minutes ago upon writing. Thus, some experts declared that the hack was responsible for the decline.

Some users reported on cryptocurrency-focused forums that they were missing Ripple (RPX) from their accounts, but this information was never confirmed by the exchange.

Bitcoin, the largest cryptocurrency, dropped as much as 2 percent and was trading at $6,598 as of 10:06 a.m.in Hong Kong, bringing this year's decline to 54 percent, according to Bloomberg composite pricing.

However, as per a report by CoinDesk, this is not for the first time that such a mishap has happened.

Bithumb did not reveal any details about this latest hack, such as what cryptocurrency the hackers stole, how they got into their IT system, or how they exfiltrated funds.

Other reports by GizPress

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