Cryptocurrency, Featured

South Korean Cryptocurrency Exchange Bithumb Hacked; Virtual Coins Worth $30 Million Stolen

Bithumb South Korean cryptocurrency exchange was hacked and the regulator immediately suspended its services. Although, it was too late as around virtual coins worth $30 million were already stolen by then. The official statement came through their social media account on Twitter which resulted in the falling of the prices of other digital currencies too.

According to CNBC, the Seoul based exchange reported that the cryptocurrency coins were stolen from their own reserves of Bithumb. In order to save from further damage, the regulators transferred all the assets of the investors to a cold wallet which is relatively safe for time being.

Bithumb has been suspended for any kind of transaction for an uncertain period. In another following update, the operator stated that for security reasons their deposit and withdrawal services are stopped. Also, there was nothing mentioned about when they will resume back on their services.

This particular cryptocurrency exchange is one of the busiest markets in Asia. Unfortunately, this is not the first time the crypto system has been hacked in South Korea. Earlier this year a small exchange Coinrail was also hacked and Pundi X was greatly affected. Although, that a relatively smaller exchange and the cryptocurrency too isn’t that popular in the market.

Bithumb Hacking End Results In Fall Of Bitcoin

Prices of Bitcoin stooped down as the news broke in the international market. As noted by Bitcoin price index, the prices that were listed on $6,718.35 came down to $6,561.79. However, the prices recovered shortly and were later trading at the rate of $6,614.46. This trend is moderately dull for the frequently volatile asset. Also, it was not just Bitcoin, the trade value of Ethereum fell down to $521.07 and $535.

The constant security thefts have sparked concerns over the safety and firewalling of the cryptocurrency and the regulators operational methods.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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