South Korea's Bithumb loses $32 million in digital money heist, bitcoin falls

22 June, 2018, 20:50 | Author: Sally Reid
  • Korean crypto exchange Bithumb says it lost over $30M following a hack		
		
	Jon Russell

       @	   
   	11 hours

South Korea-based cryptocurrency exchange Bithumb has confirmed that virtual currency worth about $31.5 million has been stolen by hackers.

The notice didn't say how the theft of 35 billion won ($32 million) worth of cryptocurrencies occurred or which ones were taken. "However, this loss will be compensated by Bithumb's own reservoir, and all assets of our customers are securely saved in Bithumb's cold wallet, hence all asset is completely safe and secured".

In 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'.

The news sent another predictable shockwave through the crypto community and a selloff ensued that resulted in nearly $10 billion leaving crypto markets in just over an hour.

We hope bitcoin's price stay's steady, recovers at a constant pace and other trading platforms should start preparing to counter such hacks before more damage starts hitting. Bithumb said its cryptocurrency holdings were shifted to an offline "cold wallet", and any losses for traders would be covered. The company has temporarily frozen deposits and trading while it is in the process of "changing our wallet system" following the incident. According to data from CryptoCompare, the price of Bitcoin wasn't really affected and has maintained a strong resistance point around the $6,570 mark, yet this is still bad news for the entire market.

The Incredibles 2 smashes box office record
That record belonged to another Pixar film, " Finding Dory ", which opened to roughly $135 million two summers ago. The early reviews have also been fantastic, scoring a very healthy 94% on Rotten Tomatoes from the U.S. critics.

Bithumb is the second South Korean exchange to be hacked in the last month. All this while, the funds have been transferred to a secure cold wallet.

If the exchange does not protect the coins well enough and gets hacked, it doesn't really change the fundamentals of the coin they are protecting.
As reported by Bitcoin Magazine earlier this month, South Korean Conrail lost around $40 million to hackers where lesser known tokens such as PundiX were stolen.

This latest hack, though, further highlights the risks that cryptocurrency exchanges face from criminals. Currently, Bithumb is the world's sixth largest exchange by trade volume, which has halted all type of transactions on the platform-deposits and withdrawals. Bitcoin was knocked from $6,760 to $6,611 in a matter of hours.

In January, Japanese exchange Coincheck said hackers stole more than $500 million worth of cryptocurrency.

Recommended:

  • China accuses Trump of ‘blackmail after new tariffs threat

    China accuses Trump of ‘blackmail after new tariffs threat

    Security guards walk in front of containers at the Yangshan Deep Water Port in Shanghai, China on April 24, 2018. He added that China was unlikely to respond to an announcement of tariffs with changes in industrial policies.

    Phil returns to 13th, makes putt and hilariously mocks himself

    You always want to use them in your favour.", said Mickelson. "I don't know if I was able to save a shot or not". This was his way to bend the rules and take a shot at the USGA at the same time for making the green so hard .
    Trump blasts Schumer for downplaying North Korea summit

    Trump blasts Schumer for downplaying North Korea summit

    Trump also used language often employed by North Korea to describe those exercises, calling them "provocative" and "war games". Add North Korea as an interest to stay up to date on the latest North Korea news, video, and analysis from ABC News.
  • Instagram expands into long videos, will compete with YouTube

    Instagram expands into long videos, will compete with YouTube

    From within the video, you have the ability to interact by tapping the like button, commenting, or sending messages via Direct. The app is aimed at what Instagram calls "creators", but anyone can create and upload their own videos.

    Audi chief Rupert Stadler arrested in diesel emissions probe

    Volkswagen declined 2.2% to €157.88 and traded 2% lower at 11.50am in local trading, extending losses this year to 5.2%. Rupert Stadler has been arrested in connection with an investigation into the diesel emissions scandal .
    Iran deserve level playing field - Queiroz

    Iran deserve level playing field - Queiroz

    Iran pulled off one of the first shocking victories of the World Cup on Friday thanks to a disastrous header in stoppage time . To start with, Benatia will be hoping to start with a win over Iran and kickstart Morocco's campaign in Russian Federation .
  • Fran Fraschilla breaks down Luka Doncic's current National Basketball Association  comparison

    Fran Fraschilla breaks down Luka Doncic's current National Basketball Association comparison

    They also have talented young players such as Terry Rozier to use in an attempt to move up. If the team can trade up, it will be the fifth year in a row it will have a top-five pick.
    No flies on Kane as VAR goes AWOL

    No flies on Kane as VAR goes AWOL

    Granqvist's goal was the first penalty scored by Sweden at the World Cup since 2002, when Henrik Larsson netted against Nigeria. He looked at the incident again on the pitch-side screen before pointing to the spot and Andreas Granqvist duly obliged.
    In tit-for-tat, Trump threatens more tariffs against China

    In tit-for-tat, Trump threatens more tariffs against China

    However and unfortunately, China has determined that it will raise tariffs on $50 billion worth of United States exports. The US announced plans for tariffs this spring, after an investigation into China's intellectual property practices.
  • European Union  imposes tariffs on U.S.  peanuts, motorcycles and whiskey

    European Union imposes tariffs on U.S. peanuts, motorcycles and whiskey

    The move is a response to new USA tariffs imposed on European Union steel and aluminium by President Donald Trump . The new duties have been imposed as tensions over trade continued to grow between the United States and China.
    House won't take on immigration without Trump's support, after Trump expresses doubts

    House won't take on immigration without Trump's support, after Trump expresses doubts

    The President himself will have the opportunity to explain his views Tuesday evening at the House Republican conference meeting. Later Thursday, the White House vehemently defended its policy, even insisting that enforcing the law is "very biblical".
    Rashford in injury doubt ahead of England's opener vs Tunisia

    Rashford in injury doubt ahead of England's opener vs Tunisia

    Southgate was speaking yesterday morning at St George's Park, where he waved off referee Martin Atkinson ahead of a charity bike ride to Russian Federation .


Popular

Supreme Court Overturns Ban on Online Sales Tax
Justice Anthony Kennedy wrote the majority decision, joined by Clarence Thomas, Ruth Bader Ginsburg, Samuel Alito, and Neil Gorsuch.

Trump Indicates He Will Sign ‘Something’ to Keep Families Together
Trump , Vice President Mike Pence spoke publicly on the issue for the first time at the meeting, ultimately echoing Mr. "Legislation is not the way to go here when it's so easy for the president to sign it".

England's Harry Kane wants to be 'best in the world'
Rashford's chances could be boosted by an injury to Alli, who will undergo a scan on Tuesday on the thigh injury he sustained in Volgograd.

Iran soccer fans show #NoBan4Women banner at World Cup
And when Saman Ghoddos won a free-kick near the corner flag deep into injury-time, it gave Iran their chance. Immediately after the game, I can't say too much, but this is football and we hope the next game we can win.

Nets trading for Dwight Howard in National Basketball Association stunner
He averaged 16.6 points, 12.5 rebounds, and 1.6 blocks in 30.4 minutes per game, and shot 55.5 percent from the floor. The deal will save the Nets $17 million in 2019-20, allowing them to create two max salary slots.

Uruguay join Russian Federation in knockout stage as Egypt, Saudi Arabia crash out
I thought he played a lot better today in this match, especially because he was fighting hard, he was very fit, very physical. Today was another demonstration that it is so hard to win a game in a World Cup ", said man-of-the-match Suarez.

World Health Organization officially classifies gaming disorder
Recategorizing transgender as a sexual health condition is aimed at cutting stigma and improving quality of care, says the WHO. Most of the roughly 160 million American adults who play games online will not experience the addiction.

Messi misses penalty as Argentina held by Iceland
Not having prepared for the match knowing that Iceland are all 1.90m tall", the 1986 World Cup victor told Venezuelan television. Argentina take on Croatia on Thursday before their final group game against Nigeria next week.

Laura Bush says immigration policy 'cruel'
Homeland Security Secretary Kirstjen Nielsen insisted that " we do not have a policy of separating families at the border ". On a Texas border bridge, parents and children have been sleeping in sweltering heat for several days awaiting their turn.

Arrington says President Trump tweet helped her defeat Sanford
Sanders also noted that despite Trump seemingly getting away with it, the results may be ultimately devastating to the nation. He gave a pretty extraordinary speech on the floor of the Senate yesterday. "We might poke the bear!" We might poke the bear.