Bithumb Cryptocurrency Exchange Was Hacked - Hackers Have Stolen $31 Million In Cryptos

Inside a cryptocurrency mine in South Korea

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

Yesterday, on June 20, more than $10 billion was erased from the cryptocurrency market after Bithumb, South Korea's biggest cryptocurrency exchange was hacked.

The cryptocurrency faced a considerable market dip of 2% right after the hack.

At press time, Bithumb is now trading over $364 million in 24-hour trading volume, according to data from Coinmarketcap.

"All deposits are not deposited into your wallet until all changes are completed", Bithumb added. Will the fees return to their average level after a few days?

Bithumb, the first major exchange to come under cyber theft, has not elaborated on the types of stolen cryptocurrencies and said it would reveal information after the investigation wraps up.

Bithumb have confirmed that all lost crypto will be compensated by its own reserve funds, however, the wallet system now in place will be revamped to offer greater security going forward. Demand for Bitcoin was so extreme at one point that it lifted prices in the country 50 percent higher than those in America.

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The news sent another predictable shockwave through the crypto community and a selloff ensued that resulted in nearly $10 billion leaving crypto markets in just over an hour. The marketplace noticed Ether currency to make an equivalent drop around the same hour.

The speculative fervour has since cooled amid a government crackdown, but South Korean exchanges are still among the world's most active. "As the attacks continue, we transferred customer deposits from hot wallets to cold wallets", a staffer said. For comparison, Bithumb has lost only a small fraction of its entire reserve.

On June 11, another South Korean cryptocurrencyexchange Coinrail said it was hacked. Over the past year, South Korea lost almost 100 billion won to cyberthieves. This incident is the second of such attacks on a crypto exchange platform in South Korea, in as many weeks. The tweet clearly stated that around $30 million worth tokens have been stolen.

The hacking attack on Bithumb highlights the soundness of the company's cybersecurity.

It is the second time in less than a year that Bithumb has been breached.

That said, the decline also coincided with a broader crypto sell-off that followed a Wall Street Journal report that said USA regulators were investigating potential price manipulation at four major cryptocurrency exchanges.

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