Published: Thu, June 21, 2018
Markets | By Noel Gibbs

Hackers steal $30 million from top Seoul bitcoin exchange

Hackers steal $30 million from top Seoul bitcoin exchange

Earlier this month, the minor exchange Coinrail said it was hacked and lost digital money worth around 40 billion won. However, Bithumb reportedly moved a significant amount of Ether tokens to its offline wallet. It added that it had transferred assets to a "cold wallet" - a term used to refer to external storage unconnected to the internet - as part of the process. "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".

There's often uncertainty around alleged hacks, with some in the crypto community claiming an inside job for most incidents.

Just last week, another cryptocurrency exchange in South Korea, Coinrail, said hackers stole about 30% of its virtual currencies.

Deposit and withdrawal services were halted "for the time being", the exchange said.

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"[Notice for the temporary suspension of the deposits].Due to the increasing safety issues, we are changing our wallet system".

An earlier post on Bithumb's Twitter account reveals that it had announced that a database upgrade was being carried out as part of a security update late last week.

According to Coinmarketcap.com, Bithumb is the sixth busiest cryptocurrency exchange in the world, and handles more than 37 types of virtual currencies.

On the Luxembourg-based Bitstamp, bitcoin was down 1.8 percent at $6,612.92 by 0351 GMT, extending losses as a series of intrusions on cryptocurrency exchanges in recent weeks sparked concerns over security.

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The values of Bitcoin, Ethereum and Ripple all fell on the news.

Bitcoin bulls give a blind eye to the woes of Bithumb exchange.

In its announcement, Bithumb didn't disclose the exact details of the coins that were affected in the hack and in what quantities.

Hackers have made off with 35bn won (£24m) worth of cryptocurrency.

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