Korea’s top exchange Bithumb has been hacked for $30 Million (35 Billion Won) on Tuesday night. The exchange has suspended all deposits and withdrawals.
Bithumb is undoubtedly one of the largest exchange in South Korea with a volume of over $300 Million on a daily basis. In an announcement, they mentioned that about 35 Billion Won has been stolen but it is not clearly mentioned as to which Cryptocurrency has been stolen. But the funds would be refunded to the users as $30 Million does not seem like a whole lot for an exchange of this magnitude.
Last week a small Korean exchange Coinrail had been compromised for $40 Million creating a lot of FUD in the market, with all the mainstream media reporting the hack to be responsible for the major drop in prices and Billions of dollars disappearing from the market.
Bithumb Tweeted:
*All deposit and withdrawal service will be stopped to make sure the security. We will keep notice you of the restart of the service. We apologize for your inconvenience and thanks for your understanding.
— Bithumb (@BithumbOfficial) June 20, 2018
It seems like Bithumb tweeted about the hack mentioning the $30 Million being but later deleted it for some reason.
Bithumb deletes tweet about $30M hack for users which will be "covered" by @BithumbOfficial. This is bad. pic.twitter.com/UPaV5Qovrs
— :: lawson baker :: (@lwsnbaker) June 20, 2018
A lot of panics usually sets in the Korean market whenever a hack of this nature happens resulting in a sell-off. Although the markets have slightly crashed after the hack it will be interesting to see how the market behaves in a day or two and whether a price drop again could be attributed to a hack.
The markets have been pretty much bearish with Bitcoin reaching a low of $6300 last week, but the markets were slowly picking up with Bitcoin reaching the $6700’s. After the Bithumb hack news, the markets dropped again by almost 2%. The current price of Bitcoin is $6625
Image Source: Coindesk
Joseph Young Tweeted:
Bithumb recorded a profit of over $300 million last year. $30 million can be easily covered with the company's funds.
Hope it will be a wake up call for Bithumb though. It is Bithumb's third hack in 12 months.
— Joseph Young (@iamjosephyoung) June 20, 2018
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