Crypto Exchange Bithumb Halts Withdrawals Amid $31 Million Hack

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South Korea's major cryptocurrency exchange Bithumb was hacked in a cyberattack in which some $31.5 million (35 billion won) worth of cryptocurrencies were stolen. At time of writing, cryptocurrency news service Coindesk recorded a almost 2 percent drop in Bitcoin value from Tuesday.

Unlike Coinrail, which lost more than $40 million in altcoins when it suffered an attack, Bithumb is one of the biggest exchanges-according to CoinMarketCap data, it's the world's sixth largest cryptocurrency exchange.

South Korea continues to reshape its own legislative environment, hoping to bring both businesses and users in line with bans on anonymous trading and strict taxation demands. Senior IEEE Member and Professor of Cybersecurity at Ulster University, Dr Kevin Curran, says that consumers are unlikely to have stolen cryptocurrency returned to them should say bye to stolen Bitcoin.

Bithumb said yesterday that it reported the theft to the Korea Internet & Security Agency and that officials there are investigating.

Less than two weeks ago, reports emerged of another hack on a South Korean-based cryptocurrency exchange platform.

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The earlier hack had coincided with other related negative news about price manipulation and regulations.

"Due to implementing enhancement as well as ongoing safety check on deposit/withdrawal servers, cryptocurrency deposit/withdrawal and KRW [local currency] withdrawal service will be halted for the time being and until services are thoroughly reviewed", it continued. The company has moved all their existing assets at a safe place to a cold wallet which will preserve cryptocurrencies in an offline environment which is inaccessible on the net. Bitcoin manages to avoid dropping beneath the $6,000 mark after it recovered from the $6,200 region.

It appears that Bithumb is clearing out its hot wallet in an effort to secure users' funds before hackers can get their hands on them.

The Korean government on June 21 launched a probe into the latest hacking attack on Bithumb, the country's largest cryptocurrency.

Thursday, the Bithumb team officially confirmed that it has lost $30 million in its hacking attack and its developers and security team have started the recovery process of customer assets.