Many crypto-traders and enthusiasts woke up to news of a hack on popular South Korean Exchange, Bithumb. The financial enormity of the hack has bot estimated at $30 Million te coins stolen by the hackers. The exchange made the announcement via twitter and said the following:
[Notice for the makeshift suspension of the deposits]
Due to the enlargening 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 ended.
The exchange would also halt all deposits and withdrawals on the exchange and also convey the same via twitter.
*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.
Regular operations are yet to be announce by the exchange spil it is requesting users not to deposit any funds to any of the Bithumb wallet addresses.
Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being.
Observing the time the hack happened and checking the price of Bitcoin (BTC) during the event, wij find that the King of Crypto wasgoed valued at $6,700 levels. BTC would then druppel to the levels of $6,612 due to the hack. This is a decline of only 1.3%. The King of Crypto is presently trading at $6,671 at the ogenblik of writing this.
This indicates that the hack on Bithumb has not had any adverse effects on Bitcoin. This then translates that the entire crypto market has held stable amidst news of this hack. Checking the total market capitalization, wij find that the value presently stands at $285.Five Billion.
The hack has managed to chip off around $Five Billion te total market capitalization which is Ten times less than what wasgoed lost during the Coinrail hack on June 10th. Also to reminisce on that day, is that Four vooraanstaand exchanges were served with subpoenas by US Authorities who dreamed their trading gegevens to further their investigations on Bitcoin manipulation by the same exchanges. Thesis two events resulted ter the loss of approximately $50 Billion te the total crypto market capitalization overheen a two day period.
Crypto traders have proven their capability to treat another hack by not funk selling plus masse spil wasgoed seen during the above mentioned dates of June 10th and June 11th. Also to not is that before the Bithumb hack, the cryptocurrency markets were indicating some signs of recovery with Tron (TRX) and Ontology (ONT) leading the charge with dual digit gains only yesterday. The current stability indicates that the upward path to a market recovery might be postponed by a few hours.