On Wednesday (June 19) South Korean crypto exchange Bithumb claimed via a statement on its website that more than $30 million in cryptocurrencies had been stolen from it. Bithumb are just the latest victim in what is fast becoming an epidemic of crypto-related hacking.
On Wednesday, Bithumb, one of the world’s largest digital currency trading platforms, became just the latest cryptocurrency exchange to announce it had been the victim of a major theft. Hacking of crypto exchanges is fast becoming an epidemic, with a new case occurring almost weekly. On this occasion, more than $30 million in cryptocurrency was taken.
Founded in 2013, Bithumb is a digital currency exchange platform based in South Korea, with its headquarters in Seoul. Bithumb is currently one of the largest cryptocurrency exchanges in the world. Bithumb’s average 24-hour trading volume is approximately $570 million, with the majority of trades involving Bitcoin, Ethereum and Bitcoin Cash.
However, on Wednesday Bithumb were brought down to earth with a bump. The first indication that all was not quite right came with the notification on the company’s website which stated that “all customer deposits and withdrawals have been suspended while they (Bithumb) reviewed the situation.”
$Around $32 Million Of Crypto Stolen
It soon emerged that the company had suffered a theft of 35 billion South Korean won (around $32 million) worth of cryptocurrency. There was no elaboration on how the theft had happened, or which specific cryptocurrencies had been targeted.
Bithumb went on to say that it will compensate clients who have lost cryptocurrency from its own funds, and assured customers that their assets have been “securely saved” in the company’s “cold wallet.” Bithumb went on to apologize for the disruption, and said it would announce new updates when it had more information. Within hours, Bithumb’s site was trading again as normal.
Latest In A Series Of Crypto Thefts
Wednesday’s theft is just the latest in a long list of hacks and robberies involving both exchanges, finance companies and even private owners. South Korea has rapidly become one of the world’s major cryptocurrency markets, specializing in such high-end currencies a Bitcoin and Ethereum. However, South Korea is also attracting its share of cyber criminals targeting the crypto market.
Just last week, another cryptocurrency exchange in South Korea, the much smaller Coinrail claimed hackers stole about 30% of its virtual currencies, valued at $37 million. As Coinrail is a relatively small operation, handling no more than $2.5 million in trading per day, having to compensate clients for their loss of assets could spell the end of the company.
Serious as these two thefts undoubtedly are, they are small potatoes in comparison to January’s massive hack of more than $500 million from Japanese exchange Coincheck , which remains the largest crypto-related cyber-crime in history – at least for now!