S.Korea's Bithumb loses $32 mln in digital money heist

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

       @	   
   	11 hours

Korean crypto exchange Bithumb says it lost over $30M following a hack Jon Russell @ 11 hours

South Korea's largest cryptocurrency exchange, Bithumb, has confirmed that it indeed lost 35 billion won ($31.4 million) in this week's high-profile hack - which it will repay to users in full.

"We noticed that between last night and today early morning, about 35 billion won [$31.5 million] worth of cryptocurrencies has been stolen", Bithumb said in an announcement on its website on Wednesday. Ethereum fell about the same, while bitcoin cash and Litecoin dropped more than 2%.

This is the second time in a week a South-Korean trading platform of this scale has been hacked, which has again lead to the fall if bitcoin price by $200.

"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 attackers supposedly hit the company sometime between "late [Tuesday night] and early [Wednesday]", taking off with millions worth of crypto coins, including Ripple.

Last week, Bithumb tweeted that a database and security upgrade was being carried out, and that part of the process involved transferring assets to a cold wallet (one not directly connected to the internet).

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Please do not deposit until we notify. Funds are often kept in hot wallets to facilitate short-term day trading as a way to avoid having to manage multiple wallets - but the result is that digital currency left online may be at risk.

According to the Yonhap news agency, the Ministry has said that after its report on the hack the Korea Internet & Security Agency (KISA) joined an urgent investigation, aiming to analyse the causes of the theft. Bithumb said that digital assets of its customers remained intact from the hacking, stressing there will be no damage on them and all losses will be covered by its own account.

"Sorry we can't pay those back taxes, we just got hacked and surprisingly for the exact amount that we owed you, sorry fam". Coinrail is a much smaller exchange than Bithumb, and the losses will have a much more significant effect on the smaller South Korean exchange.

Bitcoin was 1.9 percent lower at $6,607.00.

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