Bithumb loses over USD 30 million in digital money heist

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 Coinmarketcap.com, 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.