Bithumb Hacked and $30 Million Worth of Cryptocurrencies Were Stolen

South Korean cryptocurrency exchange, Bithumb announced that it was hacked and thieves stole over $30 million worth of cryptocurrencies.

Bithumb announced on June 19, that hackers have stolen $30 million worth of cryptocurrencies due to which all deposits and payments have been suspended temporarily.

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Although it is not clear at what time the theft occurred. But soon after the hack, Bithumb suspended deposits and transferred all assets to cold wallets. Therefore, in order to prevent further losses. However, the exchange stated that it will pay damages to users affected by the hack from their own cryptocurrencies.

Moreover, one of the wallets they exchanged to contain malicious code. However, which resulted in loss over $30 million worth of cryptocurrencies. Thereof, until Bithumb get its security systems back under control, all deposits and withdrawals will be not be resumed.

Bithumb is one of the world’s 4th and 2nd South Korea’s largest crypto exchanges. According to Coinmarketcap, its daily trading volume is over $330 million and $30 million hack seems to be a vast sum.

Soon after Bithumb broke the news of hack, founder of Litecoin, Charlie Lee official advised users to hold their cryptocurrencies in personal secured wallets.

Accordingly, when the news flowed around 1 am UTC on June 20, the crypto market took an immediate hit and bitcoin was falling over $200 within a span of few minutes. At time of writing Bitcoin price was trading at $6,635.66 USD.

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Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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