Market Declining Following Bithumb Hack Of $30 Million Worth Of Coins

Korea's major crypto exchange Bithumb hacked; coins worth $32 million stolen

Korean crypto exchange Bithumb says it lost over $30M following a hack

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.

It should be noted that as soon as the hacking announcement was made, the cryptocurrencies market suffered a depreciation, with Bitcoin (BTC) falling over $200 within a few minutes.

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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"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.

Coinrail is a relatively smaller crypto exchange platform with approximate $2.5 million trading volume, according to Nasdaq.

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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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