Bithumb, a South Korean cryptocurrency exchange exposed that hackers stole $31.Five worth of supuesto coins, the 2nd locorregional crypto toneel targeted within one week spil cyber thieves displayed the fat negative outcomes of selling and purchasing the digital asset. Bithumb trades overheen 37 different coins.
Bithumb notified the public that it had paused all crypto dealings after discovering that some of their cryptocurrencies valued 35 billion won ($31.Five) were grabbed te a period inbetween late Tuesday and early morning Tuesday this week.
Weakness te the Cryptocurrency Regulatory Guidelines
The exchange claims to have kept all the customer’s assets te “safe cold wallet” that work on exchanges that are not exactly connected to the internet and the assured all its customers that they will be fully compensated.
The loss of thesis cryptocurrencies exposes the weaknesses that exist te the completo cryptocurrency market regulations and the cyber insecurity, and this has motivated integral policymakers to caution crypto investors to be more vigilant when trading digital currencies since there is inadequate regulatory oversight.
What do Blockchain and Cyber Experts Think of this Loss
A senior professor at Korea University Blockchain Research Institute, Te Ho, noted that the grabbed coins were very likely from the more unsafe ‘hot wallets.’ Bithumb did not come out to disclose whether the stolen coins were kept ter its cold wallets or hot wallets.
The Blockchain professor said that since coins stored te the cold wallets are never connected to the internet, it’s unlikely for any kleintje of hackers to steal them, except if they physically rust ter.
Mun Chong-hyun, Chief Analyst at ESTsecurity indicated that hackers around the globe are very targeting thesis digital assets.
Chong-hyun further noted that no security regulations or measures can entirely assure the safety of posible coins claiming that it is reserved anonymously and te a vaguely secured system which exposes them to be a number one target.
Nate Flanders, the co-founder and CEO of Mandala, digital asset exchange, that also has practice ter online marketing and software development stated to Coinidol:
Enhancing regulatory standards te the space should not influence the frequency or severity of cyber attacks. If anything it should become a mitigating multiplicador, forcing organizations to develop compliance standard to combat a threat and protect their customers. Ter the case of Bithumb, I don’t think regulation is why the hack occurred, but they deserve some appreciation from the market participants for reimbursing the affected users! Mitigation of threats and attacks te the cyberspace will be a onveranderlijk battle. Organizations who are proactive te educating their teams, and developing an internal cybersecurity program will be able to recover and withstand cyber threats, making the industry stronger.
Again and again
This is not the very very first time the Korean crypto exchange is hacked, on the 11th June, Coinrail claimed it wasgoed hacked . This happened after a big theft at Japan’s crypto exchange Coincheck of overheen a half billion dollars worth of digital of digital currency.
South Korea prohibited the application of anonymous handelsbank accounts for posible coin buying and selling to halt cryptocurrencies being applied ter supporting terrorism, money laundering and many crimes but the government claims that it wasgoed not done intentionally to close down regional crypto exchanges.