South Korea – s Bithumb Loses $32 Million te Digital Money Heist, Bitcoin Falls, Investing News, US News

June Nineteen, , at Ten:36 p.m.

Verstopping PHOTO: The logo of Bithumb is seen at its cryptocurrencies exchange ter Seoul, South Korea, January 11, . REUTERS/Kim Hong-Ji/Verkeersopstopping Photo Reuters

By Cynthia Kim and Joyce Lee

SEOUL (Reuters) – South Korean cryptocurrency exchange Bithumb said 35 billion won ($31.Five million) worth of supuesto coins were stolen by hackers, the 2nd circunscrito exchange targeted ter just overheen a week spil cyber thieves exposed the high risks of trading the digital asset.

Bithumb said ter a notice on its webstek on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized inbetween late yesterday and early morning today.”

The exchange, the sixth busiest ter the world according to, said it had stored “all clients’ assets ter safe cold wallets,” which operate on platforms not directly connected to the internet.

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It added that the company would fully compensate customers.

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The Bithumb theft highlights the security risks and the powerless regulation of completo cryptocurrency markets. Total policymakers have warned investors to be cautious ter trading the digital currency given the lack of broad regulatory oversight.

Ter Ho, a professor at Korea University’s Blockchain Research Institute, said the stolen coins were most likely to be from the more insecure ‘hot wallets.’

“Since coins te the cold wallets are not at all wired to the internet, it would have bot unlikely for hackers to steal those ter cold wallets unless they physically broke ter,” said Te, a blockchain accomplished at the research center.

Bithumb did not instantly react to Reuters’ request for comments, and its statement did not say whether the stolen coins were stored te its ‘hot wallets’.

Mun Chong-hyun, chief analyst at ESTsecurity, said digital coins would proceed to be tastey targets for hackers around the world.

“No security measures or regulations can 100 procent assure safety of potencial coins. It is held anonymously and ter lightly-secured systems, which makes them an encantador target,” Mun said.

On the Luxembourg-based Bitstamp, bitcoin wasgoed down 1.8 procent at $6,612.92 by 0351 GMT, extending losses spil a series of intrusions on cryptocurrency exchanges te latest weeks sparked concerns overheen security.

It has fallen harshly 70 procent from its all-time peak kassucces around mid-December .

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On June 11, another South Korean cryptocurrency exchange Coinrail said it wasgoed hacked. The cyber attacks come after a high-profile theft of overheen half a billion dollars worth of digital currency at Japan’s exchange Coincheck earlier this year.

Te January, South Korea banned the use of anonymous handelsbank accounts for supuesto coin trading to zekering cryptocurrencies being used te money laundering and other crimes. But the government said it does not intend to go spil far spil shutting down domestic exchanges.

Bithumb trades more than 37 different manifiesto coins, according to

(Editing by Shri Navaratnam and Jacqueline Wong)

3 comments / Add your comment below

  1. Anyone not noticing a difference with processing times is a deluded waarde job. Good voorstelling now. Doing a good job, glad to stuck with them.

  2. I have exchanged with them and had no issues. The webstek hardly freezes and if you have an punt tech support is quick.

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