Bithumb Was Hacked for More Than $30 Million

Bithumb was Hacked - CoinShot

On June 19, Bithumb, the largest crypto exchange in South Korea, was hacked. Hackers stole a $30 million cryptocurrencies. The attack on Bithumb had a negative impact on world trade volumes, moving the exchange from 6th to 12th place.

According to Cointelegraph Japan, hackers captured the hot wallet of Bithumb. A few days before the attack, on June 16, crypto exchange began to move “all assets” to a cold wallet, to update its security system.

Upon learning of the break-in, the Bithumb team stopped all withdrawal services. On June 21, in an official report, Bithumb announced its intention to repair the damage to users. To prevent such attacks, crypto exchange will completely change its wallet system. Due to the strict separation of the assets of customers and the company, customers will not suffer from theft.

This seizure occurred a few weeks after the Bithumb government was cleared by the South Korean government, which found no evidence of violations in Bithumb after a three-month investigation, but ordered the exchange to pay 30 billion won (about 28 million US dollars) in taxes.

According to local media reports, the Ministry of Science and Technology of the country launched an investigation into the case. It is reported that the Korea Internet & Security Agency (KISA) also drew attention to exactly how the attack occurred, working closely with the local police and other institutions. It’s alleged that the authorities also sent officers to Bithumb offices in Seoul to collect data and records from the company’s computers.

In July 2017 Bithumb has been hacked before.  The personal data of 30,000 customers was stolen due to an employee’s computer becoming compromised, while some users reported losses as well.