Hackers steal $30 million from top Seoul bitcoin exchange

Korean crypto exchange Bithumb says it lost over $30M following a hack

Meanwhile, the company said remaining assets had been moved to a cold wallet to be stored in a more secure environment that is not accessible via the internet.

"All deposit and withdrawal services will be stopped to make sure [of our] security".

For now, Bithumb is moving the remainder of its funds into a cold wallet to avoid further risk.

Just weeks after Korean crypto exchange Coinrail lost $40 million through an alleged hack, another in the crypto-mad country - Bithumb - has claimed hackers made off with over $30 million in cryptocurrency. During crypto's swift rise into the public eye there's been various calls for regulation and investigation into the market, and multi-million dollar exchange heists certainly don't help foster legitimacy for cryptos across the global financial community as a whole.

According to Korean resident officials from the Sentinel Protocol, a project specializing in hacking, scam, and fraud detection, the hot wallet was hacked on the night of June 19 and some of the stolen coins include Ripple.

"[Notice for the temporary suspension of the deposits].Due to the increasing safety issues, we are changing our wallet system".

Bithumb plans to compensate users affected by the hack - they intend to cover all the losses.

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

Bitcoin dropped more than 2.3 per cent in value as the news emerged. The Coinrail hack coincided with a significant dip in the prices of cryptocurrencies, with Bitcoin losing $1,000 in a matter of hours.

Bithumb trades more than 37 different virtual coins. Without an independent audit or third-party report into the incident, however, it is hard to know exactly what happened.

Do you think the Bithumb hack will cause a massive dip in the prices of cryptocurrencies?

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