Bithumb, one of the largest exchanges ter Asia, just broke the news that it has bot hacked, with the hackers reportedly stealing overheen $30 million worth of cryptocurrencies.
Bithumb Wallet Switch Backfires
At 12:49 UTC on June 19th, Bithumb announced that they would be temporarily suspending deposits due to a switch te wallets with their exchange service. Albeit a switch te the wallet system may be a security improvement for some exchanges, it ended up backfiring, resulting ter an unexpected cryptocurrency hack.
Just 12 minutes after they suspended their deposit system, they announced that they were going to suspend all deposit and withdrawal services due to an overheen $30 million hack from wallets. Bithumb said:
[Notice for the suspension of all deposit and withdrawal service]
Wij checked that some of cryptocurrencies valued about $30,000,000 wasgoed stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.
It is fine to see that Bithumb had their palms on the trigger te case anything went wrong, quickly moving all assets to cold storage to mitigate any further risk.
It is likely that one of the wallets they exchanged to contain malicious code, resulting ter hackers stealing overheen $30 million dollars of cryptocurrencies, which still remain unnamed at the time of writing. To further mitigate risk, Bithumb has announced that all deposits and withdrawals will be stopped until further notice, permitting Bithumb to get its security systems back under control.
Spil aforementioned, Bithumb is one of the largest exchanges ter Asia, collectively trading overheen $270 million dollars worth of cryptocurrencies te the past 24 hours. $30 million ter hacked cryptocurrencies may seem like a vast sum, however, while putting into the setting of the entire cryptocurrency market, it is unjust to say that this hack should have caused the market to druppel overheen by overheen three procent.
Charlie Lee, founder of Litecoin, made an announcement on Twitter advising users that users should keep their cryptocurrencies ter secure private wallets.
Another day, another hack. Hopefully BitThumb is able to voorkant this amount, tho’ $30MM is not a puny amount.
Spil I’ve said many times, be clever and only keep on exchange coins that you are actively trading. It’s best to withdraw right after trading. https://t.co/8YpVcHx8tK
Spil this is cracking news, it is presently unclear how Bithumb and its customers are going to address the problem spil this situation develops. But spil Charlie Lee said, “Hopefully Bithumb is able to voorkant this amount, tho’ $30 million is no petite amount.”
When this announcement broke at 1 AM UTC on June the 20th, the cryptocurrency market took an instantaneous topper, with Bitcoin falling overheen $200 dollars within the span of a few minutes. It has since zekering tearing off, finding price levels at $6600.