South Korea – s Bithumb loses $32 million te digital money heist, bitcoin falls, News, WSAU

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 específico exchange targeted te just overheen a week spil cyber thieves exposed the high risks of trading the digital asset.

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Bithumb said te 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 Coinmarketcap.com, said it had stored “all clients’ assets te safe cold wallets,” which operate on platforms not directly connected to the internet.

It added that the company would fully compensate customers.

The Bithumb theft highlights the security risks and the feeble regulation of universal cryptocurrency markets. Universal policymakers have warned investors to be cautious te trading the digital currency given the lack of broad regulatory oversight.

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

Bithumb did not instantaneously 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 delicious targets for hackers around the world.

“No security measures or regulations can 100 procent assure safety of visible coins. It is held anonymously and ter lightly-secured systems, which makes them an invicto 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 ter latest weeks sparked concerns overheen security.

It has fallen toughly 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 canap 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 posible coins, according to Coinmarketcap.com

(Editing by Shri Navaratnam and Jacqueline Wong)

3 comments / Add your comment below

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