Bithumb: US$35m ter coins hacked, Shanghai Daily

SOUTH Korean cryptocurrency exchange Bithumb said 35 billion won (US$31.Five million) worth of supuesto coins were stolen by hackers, the 2nd tópico exchange targeted te just overheen a week spil cyber thieves exposed the high risks of trading the digital asset.

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Bithumb said ter a notice on its webstek yesterday that it had stopped all trading after ascertaining &ldquo,some cryptocurrencies worth about 35 billion won were seized inbetween late yesterday and early morning today.&rdquo,

The exchange, the sixth busiest te the world according to Coinmarketcap.com, said it had stored &ldquo,all clients&rsquo, assets ter safe cold wallets,&rdquo, which operate on platforms not directly connected to the Internet. It added that the company would fully compensate customers.

The Bithumb theft highlights the security risks and the powerless regulation of mundial cryptocurrency markets. Mundial policy-makers have warned investors to be cautious te trading the digital currency given the lack of broad regulatory oversight.

Te Ho, a professor at Korea University&rsquo,s Blockchain Research Institute, said the stolen coins were most likely to be from the more insecure &ldquo,hot wallets.&rdquo,

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&ldquo,Since coins ter the cold wallets are not at all wired to the Internet, it would have bot unlikely for hackers to steal those ter cold wallets unless they physically broke te,&rdquo, said Te.

Bithumb did not instantaneously react to reporters&rsquo, request for comments, and its statement did not say whether the stolen coins were stored ter its &ldquo,hot wallets.&rdquo,

Mun Chong-hyun, chief analyst at ESTsecurity, said digital coins would proceed to be tastey targets for hackers around the world.

&ldquo,No security measures or regulations can 100 procent ensure safety of posible coins. It is held anonymously and te lightly-secured systems, which makes them an insoportable target,&rdquo, Mun said.

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On the Luxembourg-based Bitstamp, bitcoin BTC=BTSP wasgoed down 1.8 procent at US$6,612.92 by 0351 GMT, extending losses spil a series of intrusions on cryptocurrency exchanges te latest weeks sparked concerns overheen security.

It has fallen harshly 70 procent from its all-time peak succesnummer around mid-December .

On June 11, another South Korean cryptocurrency exchange Coinrail said it wasgoed hacked. The cyber attacks come after a high-profile theft of overheen half a billion dollars worth of digital currency at Japan&rsquo,s exchange Coincheck earlier this year.

Ter January, South Korea banned the use of anonymous bankgebouw accounts for supuesto coin trading to zekering cryptocurrencies being used ter money laundering and other crimes. But the government said it does not intend to go spil far spil shutting down domestic exchanges.

3 comments / Add your comment below

  1. I dont use this exchange because has low volume, i choose use Binance, Kucoin, Poloniex and Bithumb . I more like trading te exchange that has high volume so i can get better liquidity. But from other review of trader, Cryptopia is good exchange, you have to voeling their support and wait patiently so the customer support can solve your problem.

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