South Korean Cryptocurrency Exchange Bithumb Gets Hacked; Loses RM140 Million

Cornelia Mascio
Giugno 20, 2018

Bithumb, South Korea's second-largest exchange, said cyberattacks from late Tuesday night to Wednesday morning led to the loss of 35 billion won worth of cryptocurrencies. The exchange lost over $40 million in user funds and due to the small size of its operations, the company had to endure a restructuring to compensate users.

Tokens including Ardor, Ethos, Polymath, and Aion have continued their downward trend against both Bitcoin and the U.S. dollar, triggered by the Bithumb hack and increasing negativity surrounding the cryptocurrency market of South Korea.

Bithumb did not immediately respond to Reuters' request for comments and its statement did not say whether the stolen coins were stored in its "hot wallets".

Hackers stole more than $30 million worth of cryptocurrencies from South Korea's top bitcoin exchange, sending the unit's price falling around the world on Wednesday.

Bithumb, which has more than 1 million customers, is the largest virtual currency exchange in the South. Bithumb said its cryptocurrency holdings were shifted to an offline "cold wallet", and any losses for traders would be covered. Last week, another South Korean cryptocurrency exchange, Coinrail, was also hacked. Throughout June, local investors were outraged by the numerous investigations into Bithumb and UPbit, and were having difficulty investing in the cryptocurrency market due to the instability in the two platforms. But, the latest Bithumb hacking attack could be enough to reverse the trend.

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