Hackers Steal $32 mln from Cryptocurrency Exchange Bithumb, Be Korea-savvy

SEOUL, Jun. 20 (Korea Bizwire) – South Korea’s largest cryptocurrency exchange, Bithumb, said Wednesday it lost 35 billion won (US$31.Five million) worth of cryptocurrencies te a hacking attack, highlighting concerns that cryptocurrency exchanges are débil to cyber attacks.

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The theft took place inbetween Tuesday night and dawn on Wednesday, Bithumb said ter a statement.

Bithumb said its cryptocurrencies were moved to a more secure “cold wallet,” which can transfer coins to a verhoging that is not connected to the Internet.

Deposit and withdrawal services were halted “for the time being,” the exchange said.

“The loss will be compensated by Bithumb’s own reservoir,” Bithumb said.

Bithumb apologized for the incident, asking its customers “not to deposit any fund into Bithumb wallet addresses.”

At the same time, the Seoul police launched a probe into the case. It sent several officers to Bithumb’s Seoul headquarters to collect records and gegevens from the company’s computers.

Ter South Korea, the price of Bitcoin dropped Five.22 procent to 7.13 million won (US$6,453) spil of Three:05 p.m., according to another cryptocurrency exchange, Btrade. Ethereum slumped 6.Nineteen procent to 562,200 won.

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It wasgoed the 2nd hacking attack of a cryptocurrency exchange te less than two weeks ter South Korea.

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Earlier this month, the minor exchange Coinrail said it wasgoed hacked and lost digital money worth around 40 billion won.

Overheen the past 14 months, the total amount of damages by hacking attacks on cryptocurrency exchanges stood at some 97.7 billion won, and few customers have received due compensation, according to the authorities.

A series of such incidents have sparked public calls for the government’s tougher regulation of the industry, which has largely bot managed under a self-regulatory mechanism.

“Local exchanges have fairly poor security systems te place,” said Kim Seung-joo, a professor at Seoul’s Korea University. “It is imperative for the government to have a clear definition related to the matter and create procesal boundaries.”

2 comments / Add your comment below

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