South Korea’s Bithumb loses $32 million in digital money heist, bitcoin falls

SEOUL– Wednesday, June 20, 2018-South Korean cryptocurrency exchange Bithumb said, “35 billion won (24 million pounds) worth of virtual coins were stolen by hackers, the second local exchange targeted in just over a week as cyber thieves exposed the high risks of trading the digital asset”.

On Wednesday, Bithumb also reported on its website through the notice that they have ended all the transaction related to trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”

A block-chain expert, in research centre said, “Since coins in the cold wallets are not at all wired to the internet, it would have been impossible for hackers to steal those in cold wallets unless they physically broke in,” Bithumb not provided a feedback for the incident to the Reuters’ request for comments, and also not clarified whether the stolen coins were stored in its ‘hot wallets’ or not.

Chief analyst at ESET security, Mun Chong-hyun, replied that all the digital coins would continue to be juicy targets for hackers around the world. He also added, “No security measures or regulations can 100 percent guarantee the safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target”.

Earlier this year on June 11, “South Korean cryptocurrency exchange Coinrail” also reported to the countrymen that it was also being hacked. The cyber-attacks come after a high-profile theft of over half a billion dollars’ worth of digital currency at Japan’s exchange Coin check. In January, South Korea banned all the use of anonymous bank accounts, for virtual coin transaction to stop cryptocurrencies, which also lead to money laundering and other crimes. But the government announced that ‘it does not intend to go as far as shutting down domestic exchanges.

by Sawan Kumar on June 20, 2018

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