This time, it was popular Seoul-based Bithumb that was the victim, with 35 billion won ($31.5 million) stolen from the platform. They further stated, "Please be assured that all of your lost passwords will be covered by our company and we will inform that all of your assets are being held and moved to a secure cold wallet".
In each of these hacks, the security shortcomings involve the exchanges' "hot wallets", or wallets that are stored and accessible online.
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.
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These numbers suggest that United States and handful of other non-OPEC countries will more than meet global demand. We expect prices to be in broad range of $63 and $66 on the WTI, with heightened volatility ahead of the event.
"It's hard to understand how the hacking [on Wednesday] was possible, because most of Bithumb's cryptocurrencies are supposed to be stored in cold wallets", a source familiar with the matter said.
"[Notice for the temporary suspension of the deposits].Due to the increasing safety issues, we are changing our wallet system".
The incident marked the second time a South Korean exchange had been hacked this month.
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It is likely that one of the wallets they exchanged to contain malicious code, resulting in hackers stealing over $30 million dollars of cryptocurrencies, which still remain unnamed at the time of writing.
Earlier this year, North Korea was linked to attacks on South Korean cryptocurrency exchanges, and a previous report said North Korean hackers targeted four South Korean exchanges last summer. It says that most of these exchanges have security vulnerabilities, including insufficient network isolation, an absence of monitoring systems for abnormal or suspicious activities, and inadequate cryptographic key and password security management.
One Bitcoin is now worth about $6,636 after dropping from a high of $6,773 yesterday. The Coinrail hack coincided with a significant dip in the prices of cryptocurrencies, with Bitcoin losing $1,000 in a matter of hours.
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Ford Motor Co shares went into the red and were down 0.5 per cent, while General Motors Co shares were off 0.3 per cent. The European Autos Stocks Index fell sharply after Trump's 20 per cent tariff tweet and was last down 1.25 per cent.