Bithumb, the world’s sixth-largest cryptocurrency exchange, suffered a devastating hack this morning, with thieves stealing over $30 million worth of cryptocurrencies from its platform.
The heist took place this morning at approximately 00:53 UTC, when the Seoul-based exchange froze all transactions – deposits and withdrawals included – and began transferring funds to cold wallets to prevent further losses.
*All deposit 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.
— Bithumb (@BithumbOfficial) June 20, 2018
The news was first released on Bithumb’s official Twitter account, where they also promised to compensate all users of their stolen funds.
“[Notice for the temporary suspension of the deposits]
Due to the increasing safety issues, we are changing our wallet system. Please do not deposit until we notify. All deposits are not deposited into your wallet until all changes are completed.”
Hacked Amount Relatively Small Compared to Previous Incidents
Although there has been no official confirmation by the exchange, it is suspected that this theft was caused by a hack. Nonetheless, the $30 million that was stolen from Bithumb is relatively small compared to other hacks in the past.
For instance, CoinCheck, one of Japan’s largest cryptocurrency exchanges, was hacked for $533 million in what is said to be the biggest digital currency heist in history. Earlier this month, another South Korean exchange, CoinRail, was hacked for around $50 million. And of course, we have the infamous Mt. Gox Bitcoin hack, which saw the exchange lose $340 million when they were attacked four years ago. As a result, the Japanese exchange was forced to shut down all operations because of the hack.
Relative to its predecessors, Bithumb – which used to be the world’s largest cryptocurrency exchange – got away rather lightly with this hack. According to CCN, the hacker might have gotten access to an internet-connected “hot wallet” for one of the more thinly-traded assets listed on the platform, or the hack could have been more devastating.
According to reports by the Sentinel Protocol, a program dedicated to scam, fraud and hack detection, the hot wallets were hacked on the night of June 19, with rumors of Ripple being one of the stolen cryptocurrencies.
As a result of the hack, the price of Bitcoin also dropped by over 3%, dipping past its $6,600 support level, but has recovered slightly to trade just above $6,600 at press time.
- PEPE Coin Price to Reach $5 in the Next Seven Days?
- Chinese Police Arrests Suspects of $87 Million Cryptocurrency Theft
- North Korea Hacks Crypto Exchange With First-Ever macOS Malware
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Crypto Exchange Bithumb Notifies $180 Million Loss for 2018
- Coincheck to Refund 80% of the $533 Million Lost in Crypto Theft
- What Is A Cold Wallet? And Why Is It Important?
- Upbit Cryptocurrency Exchange Hack – The Story So Far
- Coincheck Suffers Crypto Hack Worse Than Mt. Gox
- What is Happening with FTX? FTX is now being hacked or insiders are making a run with stolen funds?
- South Korea’s Largest Cryptocurrency Exchange bought by a Singapore Consortium
- Multiple crypto-related hacks happen within 24 hours
- Binance Acts to Keep Users SAFU, but is it enough?
- 2 Israeli Brothers caught for Bitfinex Hack: Report
- FTX Hacking Update: Culprit’s Shift in Strategy Following THORSwap Suspension
- What Happened with the Solana Hack? Quick Explanation
- Binance Hacked for 7000 BTC
You might also like
More from Scam
Pauly, had been instrumental in rallying investor interest in PNDX through various social media channels. Let's take a look at …
In a significant victory for justice, an individual behind a crypto scam has been sentenced to an eight-year prison term. …