Bithumb Hacked Losses Amount to $31 Million Worth Cryptocurrencies

Bithumb Hacked Losses Amount to $31 Million Worth Cryptocurrencies

Bithumb, world’s sixth largest crypto-exchange was hacked from 19th late night till early morning 20th June. Losses have amounted to a total of almost $31 million worth of cryptocurrencies.

According to the official announcement made by the South Korean company on its website the losses will be compensated by the company. But Bithumb did not specify which cryptocurrency was targeted and how much it was affected, only a loss of around $31 million was mentioned.

“This loss will be compensated by Bithumb’s own reservoir, and all of our assets are secretly saved in Bithumb’s cold wallet.”

Bithumb has currently secured its cryptocurrencies by moving them to a cold storage this is done to ensure that it cannot be accessed from the internet. Until the investigations are done users are asked not to deposit any cryptocurrencies until further notice.

Due to system verification, deposit and withdrawals are suspended for time and services are carefully reviewed. Users are also asked to ensure that their login passwords are returned by their companies so that the crypto exchange will confirm the transfer of cryptocurrencies to a secure wallet.

According to Bithumb’s Press Release,

We will keep you informed of details such as schedule of resumption of withdrawal service. I sincerely apologize for any inconvenience you may have experienced. However, we will make every effort to reopen the service as soon as possible, with the ultimate goal of protecting your assetsOur priority is to secure our customers’ assets at all times, and we will continue to service our customers.

According to CoinMarketCap, Bithumb reaches $ 394,216,327 in 24-hour trading volume, making it one of the world’s largest cryptocurrency trading platforms.

Earlier another South Korean Cryptoexchange Coinrail was hacked on 10th June. In two weeks time, this is the second such case of hacking coming from South Korea.

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