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10 months ago

Bithumb Hacked

Bithumb, said in a report that they have been hacked, it was reported that the hackers went away with over $30 million worth of cryptocurrencies Bithumb boasts a reputation as one of the largest exchanges in Asia.


Bithumb gave an announcement at about 12:49 UTC on the 19th of June that there would be a temporary suspension of deposits because they will be embarking on a change in wallets with their exchange service. It is expected that a change in the wallet system should have been on the ground of security improvement for some exchanges, but it ended up backfiring, resulting in an unexpected cryptocurrency hack.


They announced Just 12 minutes after the suspension of their deposit system that they were going to suspend all deposit and withdrawal services due to an over $30 million hack from wallets.


Bithumb had their hands on the trigger in case anything went wrong, which actually did and they quickly moved all assets to cold storage to mitigate any further risk.


It is believed that the hack happened in one of their wallets as they were collecting the malicious code. The hackers stole over $30 million dollars of cryptocurrencies, which still remain unnamed at the time of writing. In the bid to further mitigate the risk of the hack, Bithumb gave an announcement that it had suspended all deposits until further notice; this will give Bithumb the chance to get its security systems back under control.


As aforementioned, Bithumb is one of the largest exchanges in Asia. It traded over $270 million worth of cryptocurrencies in the past 24 hours. When you compare that with the $30 million worth of cryptocurrencies that was hacked, it may seem like a vast sum, however, while putting into the context of the whole cryptocurrency market, it is unjust to say that this hack should have caused the market to drop by over three per cent.


Charlie Lee, who is the founder of Litecoin, gave an announcement on twitter advising users to keep their cryptocurrencies in secure personal wallets. Because it is not certain how Bithumb and its customers are going to address the problem as this situation develops but he said he was hopeful that Bithumb will cover the $30 million worth of cryptocurrencies that was lost.


Bithumb is now at the top list of hacks that took place in 2018.






Twitter: @coinratecap



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