Hackers just stole $30 million from the world's sixth largest crypto exchange


Investors in cryptocurrencies were also hit by losses after South Korean virtual currency exchange Bithumb said it had been hacked and $32 million worth of virtual currency held at the exchange was stolen.

Bitcoin, Ethereum and Ripple all fell in value on the news.

Cryptocurrencies dropped after the second South Korean exchange in as many weeks said it was the victim of a theft, renewing fears about the security of digital-asset trading venues. Earlier this year, South Korea's Coincheck revealed it had lost the equivalent of $500 million to online crooks. We will keep notice you of the restart of the service. The first one affected a much smaller exchange Coinrail which lost nearly $40 million worth of cryptocurrencies.

Bithumb said it would fully compensate customers. Those stolen cryptocurrencies will be covered from Bithumb, and all of [our] assets are being transferred to [a] cold wallet. This second attack in less than a month highlights the vulnerabilities faced by cryptocurrency exchanges. A single Bitcoin is now valued at roughly $6,700, having rebounded slightly since the Coinrail Bitcoin heist lows. According to data from CryptoCompare, the price of Bitcoin wasn't really affected and has maintained a strong resistance point around the $6,570 mark, yet this is still bad news for the entire market.

More news: AMC Theatres Announces MoviePass Killer: 12 Movies Per Month for $19.95

After deleting the tweet, the exchange just sent out a tweet saying they've suspended deposit and withdrawal services to enhance the security, and no other explanation.

South Korea is a major cryptocurrency trading center and Bithumb is one of the busiest virtual coin exchanges. In April past year, the company suffered a cyberattack that led to the leakage of sensitive personal data of 31,506 users and theft of 4,900 Bithumb accounts.

At press time, Bithumb is now trading over $364 million in 24-hour trading volume, according to data from Coinmarketcap. Bithumb rival Coinrail was targeted by hackers earlier this month in a raid which cost it $37m, around 30% of its total token/coin reserves.

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.