Bithumb: Hackers 'rob crypto-exchange of $32m'

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Bithumb exchange was hacked losing $32m in cryptocurrencies. The company said it would compensate customers for all lost assets. The exchange service also began to move all coins stored in online wallets to more secure offline wallets to prevent more theft.

The $30m Bithumb hack announced on Twitter on June 20, 2018, affected the cryptocurrency markets, but prices held reasonably firm.

Twitter user RedDragon_ posted an email screenshot which reads, "We noticed that between last night and today early morning, about 35,000,000,000 KRW worth cryptocurrencies have been stolen".

Bithumb said that it reported the theft to the Korea Internet & Security Agency and that officials there are investigating.

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Just 12 minutes after they suspended their deposit system, they announced that they were going to suspend all deposit and withdrawal services due to an over $30 million hack from wallets.

Bithumb is thought to be the sixth largest exchange in the world based on its trading volume of over $370m.

As the demand for cryptocurrency and digital has started to increase rapidly and intensify, industry experts and regulators have asked investors to utilize major cryptocurrency exchanges like Bithumb, UPbit, and Korbit to avoid hacking attacks and security breaches.

Bitcoin, the largest cryptocurrency, dropped as much as 2 percent and was trading at $6,598 as of 10:06 Hong Kong, bringing this year's decline to 54 percent, according to Bloomberg composite pricing.

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This is the second hacking incident in the country this month as South Korean crypto exchange Coinrail was also attacked by hackers, who took $37 million. However, the hackers have stolen worth $30 million worth of currencies via getting hands-on to an opened hot wallet. Just days ago, Bithumb had issued a notice to its customers saying that they'd be transferring all assets to a cold wallet. A single Bitcoin is now valued at roughly $6,700, having rebounded slightly since the Coinrail Bitcoin heist lows.

Reacting to the hack, Bitcoin shed off nearly $200 in value within the hour after news of the hack broke, undoing the positive gain achieved in the 48 hours prior to the hack.

How do you think this latest hack will impact market prices in the short and long-term?

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