HackNews

Fourth Largest Cryptocurrency Exchange Bitcoin and Ethereum was hacked.

The mysterious hacker was able to make off an undetermined amount of funds during a security incident of Bithumb Exchange, which is a fourth largest cryptocurrency exchange by volume.

The South Korean users were the Bithumb userbase, who later started to complain about local social network about losing control over large funds in their accounts.

Later, the company officially acknowledged the breach in a blog post on its website. Even though it did not provide any meaningful details.

Bithumb employee’s PC was hacked

On Monday, it was overstretched by local media. The company discovered the breach occurred after an unknown invader hacked the personal computer of a Bithumb employee. In which he has grabbed the details over 31,800 Bithumb users as it was 3% entire userbase.

What is Bithumb Exchange | Working of Bithumb | Coipedia

The local media revealed that on June 29 Thursday was around 22:00 the hack took place. All the documents that hacker was accessing contained data on customer names, email, addresses and contact numbers.

It was uncertain that how exactly the hacker was able to control over the targeted accounts.  As Bithumb users started to complaining online that someone was draining their accounts.

Few users reported there was a loss of 10 million worth of cryptocurrency. The gross estimation by local media was that the attacker made billions of cryptocurrency but even though Bithumb never confirmed the accurate amount of stolen funds.

Bithumb pledge to compensate users

According to published blog post on Monday, the exchanges did not confirm the exact amount of money that was taken by the attacker. Nevertheless, by July 5th midnight, the company is willing to provide compensations up to 100,000 for affected user.

Bithumb in an official statement stated

“As soon as the amount of damages is confirmed, we will reimburse the entire amount of damages.”

According to complaints of users, the hacker stole both Ethereum and Bitcoin from user accounts. Moreover, it is the fourth largest cryptocurrency exchange by volume wherein, Bithumb is also known as internet’s second largest Ethereum trading platform by volume.

It was not only the concern to Ethereum that took place.  On the last Thursday, Classic Ether Wallet was also attacked by an unknown hacker who gained control over the web domain. It is the client-side wallet system for the Ethereum Classic (ETC) cryptocurrency.  The hacker was created fake accounts and using it to hack user credentials and interrupt and readdress ETC transactions

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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