South Korean Bithumb Exchange Loses $30M te Latest Cryptocurrency Hack, Crypto News Preceptor, Crypto news from the worlds most reputable sources

This article wasgoed originally posted on The Bitcoin Weekblad – the oldest and most established source of news, information and accomplished commentary on Bitcoin, blockchain technology and the digital currency industry.

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Hackers have reportedly made away with cryptocurrencies worth $30 million from Bithumb, South Korea’s leading exchange, according to reports from a blog update. The exchange states that due to the hack, deposits and withdrawals will be temporarily suspended until further notice.

Bithumb&rsquo,s blog postbode reads “Due to security issues, wij are switching our system regarding deposits of cryptocurrency. All of our customers should zekering depositing cryptocurrency until wij notified that it is safe to deposit cryptocurrency.”

The Hack

Te its announcement, Bithumb didn&rsquo,t disclose the precies details of the coins that were affected ter the hack and te what quantities. Wij also don&rsquo,t know the precies cause of the breach, but a circunscrito news outlet is reporting that investigators from South Korea’s National Police Agency have begun a formal investigation into the case.

Ter an update collective on Twitter, Bithumb had stated that it would compensate affected users. However the provocativo tweet from Bithumb has since bot deleted, the information wasgoed also sent to users via email ter a budge to clear doubts and uncertainty.

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Twitter user RedDragon___ posted an email screenshot which reads, &ldquo,Wij noticed that inbetween last night and today early morning, about 35,000,000,000 KRW worth cryptocurrencies have bot stolen. However, this loss will be compensated by Bithumb&rsquo,s own reservoir, and all assets of our customers are securely saved te Bithumb’s cold wallet, hence all asset is entirely safe and secured.”

Bithumb also reported that assets are being transferred to a cold wallet while they &ldquo,build up the security system and upgrade DB. Embarking from 15:00 pm(KST), wij will restart our services.&rdquo,

Mitigating the Harm

Bithumb had managed to preempt what it interpreted spil an imminent attack on its server by moving a large number of cryptocurrencies to its cold wallet after noticing the “number of unusual access attempts” had enhanced, which led it to “strengthening security.”

It announced a server check that wasgoed expected to “build up the security system,” but the maintenance time scheduled from Five:20 a.m. KST to 9:00 a.m. KST took more time than it should have.

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The latest hack is Bithumb’s 2nd attack this year and the third attack on a South Korean cryptocurrency exchange. Spil reported by Bitcoin Weekblad earlier this month, South Korean Conrail lost around $40 million to hackers where lesser known tokens such spil PundiX were stolen.

&ldquo,The fact that most exchanges permit their users to create amazingly powerless passwords should serve spil a wake-up call to the entire industry,&rdquo, says Emmanuel Schalit, CEO at Dashlane, a password manager app.

Creator of Litecoin, Charlie Lee, warned users merienda again to “only keep on exchange coins that you are actively trading.”

At press time, Bithumb is presently trading overheen $364 million te 24-hour trading volume, according to gegevens from Coinmarketcap.

This article originally appeared on Bitcoin Weekblad.

3 comments / Add your comment below

  1. I like Bithumb.It’s excellent to trade here.I can profit better by trading here.There is no problem here.There is too much buying and selling here.This exchange is safe.

  2. Ter this case its similar to you pulling down a $20 bill out of your pocket somewhere while out on the street and attempting to find it again. Its gone. The hackers got ter, raided your account. Nothing can be retrieved.

  3. Not sure how but some one attempting since 6 months to login into my cryptopia account despite i switched password Four times, thank heerser email 2FA is activated

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