Bitcoin price drops as cryptocurrency exchange Bithumb is hacked

Gladys Abbott
June 21, 2018

Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet. The exchange states that due to the hack, deposits and withdrawals will be temporarily suspended until further notice.

Bithumb had managed to preempt what it interpreted as an imminent attack on its server by moving a large number of cryptocurrencies to its cold wallet after noticing the "number of unusual access attempts" had increased, which led it to "strengthening security".

Bithumb, the conglomerate of cryptocurrency exchanges in South Korea, abandoned its services subsequent to them losing 35 billion won (or $31 million) from the platform as a result of a manifested hack.

South Korean exchange Bithumb has been targeted by hackers for the second time in a year, this time losing over $31m in cryptocurrency.

According to Korean resident officials from the Sentinel Protocol, a project specializing in hacking, scam, and fraud detection, the hot wallet was hacked on the night of June 19 and some of the stolen coins include Ripple.

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An earlier post on Bithumb's Twitter account reveals that it had announced that a database upgrade was being carried out as part of a security update late last week.

It added the company will fully compensate customers.

According to Coinmarketcap.com, Bithumb is the sixth busiest cryptocurrency exchange in the world, and handles more than 37 types of virtual currencies.

The logo of Bithumb is seen at its cryptocurrencies exchange in Seoul, South Korea, January 11, 2018. Bitcoin fell around 2%.

On the Luxembourg-based Bitstamp, bitcoin BTC=BTSP was last trading at $6,590.00, extending losses as a series of intrusions on cryptocurrency exchanges in recent weeks sparked concerns over security. At time of writing, cryptocurrency news service Coindesk recorded a almost 2 percent drop in Bitcoin value from Tuesday.

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