South Korean cryptocurrency exchange Bithumb is the latest victim ter the latest increase te hacking attempts. Hackers stole 35 million won ($32 million) from the exchange “between late yesterday and early morning today” (19th-20th June). Bithumb has suspended all transactions and has advised users to refrain from depositing cryptocurrencies into its wallet address.
[Notice for the makeshift suspension of the deposits]
Due to the enhancing safety issues, wij are switching our wallet system.
Please do not deposit until wij notify.
*All deposits are not deposited into your wallet until all switches are finished.
Reuters reported that Bithumb clarified that all assets were stored ter a cold wallet. They also told users that they will reimburse funds spil soon spil possible.
*All deposit and withdrawal service will be stopped to make sure the security. Wij will keep notice you of the restart of the service. Wij apologize for your inconvenience and thanks for your understanding.
People are questioning whether the stolen funds were kept ter a hot wallet, since it is unlikely to hack cold wallets. Hot wallets are connected to the Internet while cold wallets are not. Cold wallets tend to be ter the form of hardware some of the famous wallets include Nano Ledger S, Trezor and KeepKey.
ESTsecurity’s chief analyst, Mun Chong-hyun, said, “No security measures or regulations can 100 procent ensure safety of potencial coins. It is held anonymously and ter lightly-secured systems, which makes them an insuperable target.”
Thiis is the 2nd South Korean exchange that has bot hacked this month. On Jun 11th, Coinrail lost one-third of its cryptocurrencies, worth $40 million, te a hacking incident. The event led to a unexpected decline te the prices of all cryptocurrencies, according to Coinmarketcap.
At the time of writing, all the top Ten cryptocurrencies are ter the crimson. Within 24 hours, Bitcoin has dropped by 1.1%, Ripple by 1.66%, Litecoin by 1.9% and IOTA by Trio.74%. Yesterday, TRON wasgoed trending upward by 11% and today the number has dropped to 3%. Analysts expect prices to druppel further, similar to how they did after Coinrail’s hack, since Bithumb is the sixth largest crypto exchange ter the world.