Hackers Steal $32M from S. Korean Cryptocurrency Exchange Bithumb


South Korean crypto currency exchange Bithumb said that $ 35 billion ($ 31.5 million) worth of virtual money was stolen by hackers and that the second local change hit the high-risk risks of cyber-thieves digital presence.

Bithumb said in a statement Wednesday on his website that he stopped all trading after he had “caught some cryptic money worth about 35 billion won early yesterday and early in the morning.”

According to Coinmarketcap.com, the most intense change in the world is that all customers are storing their assets in safe cold wallets and working directly on non-internete platforms.

The company added that it will completely compensate the customers.

Bithumb emphasizes theft, security risks and weak regulation of global crypto-money markets. Global policy makers have encouraged investors to be cautious about digital currency trading because of the lack of broad regulatory oversight.

Ho’da, a professor at the Blockchain Research Institute at Korea University, expects stolen money to come from the more insecure ‘hot wallets’.

“Because the money in the cold wallets is not tied to the internet, it would have been impossible for them to be able to steal hackers in cold wallets unless physically entered,” he said.

Bithumb did not immediately respond to Reuters ‘request, and the statement did not say whether the stolen money was hidden in his’ hot wallets.

Sponsorship: insurance news. You deserve to upgrade. Go Pro! ıjpro. Insurance news for steroids.
Mun Chong-hyun, chief analyst at ESTsecurity, said digital money will continue to be watery targets for hackers around the world.

“No security precautions or regulations can guarantee the safety of 100 percent virtual coins. They are being held in anonymous and light security systems that are irresistibly targeted, “Mun said.

In Luxembourg-based Bitstamp, BitCoin has reduced its security losses by a series of intrusions into crypto currency exchange in recent weeks, down 1.8% to $ 6,612.92 by 0351 GMT.

When it reached its highest all-time high in mid-December 2017, it dropped by about 70 percent.

On June 11th, Coinrail, another South Korean crypto currency, was hacked. The cicada attacks, Japan’s change earlier this year, come after Coincheck’s high-profile stealing of a half-billion-dollar digital money.

In January, South Korea banned the use of joint stock bank accounts for virtual currency trading to stop cryptographic money used for money laundering and other crimes. However, the government said it did not intend to go until the domestic stock exchanges were closed.

Legal warning !
The information, comments and suggestions there are not covered by investment advice. It is based on the author's personal opinions. These views may not fit your financial situation and risk and return preferences. For this reason, based solely on this information, investment decisions may not have the appropriate consequences for your expectation. Our Site is not responsible for any direct or indirect damages incurred by the investors as a result of the use of the information on the Site, deficiencies in the sources, damages incurred by profit, moral damages, or damage to third parties.