Bithumb loses over USD 30 million in digital money heist

Wednesday 20 June 2018 11:02 CET | News

Bithumb, a South Korean cryptocurrency exchange, has said USD 31.5 million worth of virtual coins were stolen by hackers, according to Reuters.

The exchange said in a notice on its website on June 20 that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.” The exchange, the sixth busiest in the world according to, said it had stored “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet. Moreover, the company promised to fully compensate customers.

According to blockchain experts cited by Reuters, the theft highlights the security risks and the weak regulation of global cryptocurrency markets. In addition, the stolen coins were most likely to be from the more insecure ‘hot wallets.’ Bithumb did not immediately respond to Reuters’ request for comments, and its statement did not say whether the stolen coins were stored in its ‘hot wallets’.

Nevertheless, digital coins would continue to be attractive targets for hackers around the world.

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Keywords: Bithumb, crypto exchange, Bitcoin, heist, hot wallet, cold wallet, cryptocurrency
Countries: World