Cryptocurrency

Bithumb Exchange Hacked – Funds Lost Will Be Paid by the Company |

Bithumb is currently the sixth most important virtual currency exchange in the world by trading volume, and it has been hacked for $30 million dollars on June the 19th. The information has been released by Bithumb via twitter and in a press release.

Bithumb Exchange Hacked

Even when this is not the first time that an exchange is hacked, it is shocking to see how one of the most important platforms all over the world is vulnerable to hackers. Fortunately, Bithumb is able to give back the users the money they lost, but other smaller exchanges are not able to do so.

Bithumb explained that the deposits and withdrawals have been suspended so as to avoid further problems with other coins and to enhance the security.

Bithumb wrote on Twitter:

“All deposits and withdrawal service will be stopped to make sure the security. We will keep notice you of the restart of the service. We apologize for your inconvenience and thanks for your understanding.”

Moreover, the company said that moved the funds into a cold wallet where they are protected against hacks or other intromissions.

As reported by a Korean company known as Sentinel Protocol, the currencies involved in the hack include Ripple, and were moved on June the 19th. The company specializes in hacking, scam, and fraud detection.

During this year several exchanges have been hacked affecting the integrity of the cryptocurrency market and ecosystem. BitGrail, an Italian cryptocurrency exchange that worked with Nano, suffered a hack for over $150 million dollars, which couldn’t be restored to the users, and may not be possible to do it in the short term.

Another important hack was the one that Coincheck experienced in January, when hackers stole more than $500 million dollars in NEM coins. After this attack, cryptocurrency exchanges in Japan decided to create a self-regulatory agency to better regulate the market and provide a more secure environment for investors.

In the latest weeks, the not so known exchange Coinrail suffered an attack and lost over $37 million dollars.

Image: BitcoinExchangeGuide




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