South Korean Crypto Exchange Bithumb Hacked, $30 Million Stolen in Tokens

The second largest Korean exchange Bithumb has just got hacked and lost $30,000,000 in cryptocurrency value have been stolen. Bithumb made the official announcement via twitter in which they said all of the coins are being transferred to a cold wallet:

https://twitter.com/BithumbOfficial/status/1009239883645243392

*All deposit and withdrawal service will be stopped to make sure the security. We will keep notice you of the restart of the service. We apologize for your inconvenience and thanks for your understanding.

— Bithumb (@BithumbOfficial) June 20, 2018

The $30 million worth of cryptocurrencies stolen comes on the heels of CoinRail being hacked just a few weeks ago. On June 19, 2018 at 6PM when they announced the hack had taken place, they immediately suspended all deposits in the short term.

Of course we had to search twitter and find out what the crypto critics and community had to say. We start off with Litecoin Creator Charlie Lee when he said:

Another day, another hack. Hopefully BitThumb is able to cover this amount, though $30MM is not a small amount.

As I've said many times, be smart and only keep on exchange coins that you are actively trading. It's best to withdraw right after trading. https://t.co/8YpVcHx8tK

— Charlie Lee [LTC⚡] (@SatoshiLite) June 20, 2018

Here is what bitcoin pioneer Charlie Shrem had to say:

Bithumb hacked for $30M but covering all losses. Our industry is getting better and stronger 🙏 https://t.co/P2HOaFYpWS

— Charlie Shrem (@CharlieShrem) June 20, 2018

There are some reports that say they lost upwards of 35 billion won (or close to 32 million USD) after the hacking attack dust settled which does highlight the vulnerabilities of leaving your coins and tokens on exchanges when not actively trading them.

Now we are wondering what type of effect this will have on the market caps and prices of the coins. Right now we have already saw a small dip as the price currently sits around $6,600 as the announcement about the Bithumb cryptocurrency hack was just made nearly 30-40 minutes ago upon writing.

We will say that it is amazing to see Bithumb take responsibility about this hack and says they will cover all the users cryptocurrency funds stolen and reimburse them. Great move for quick damage control on a not so small hack worth $30,000,000 at the least.

We will have another full story review of the Bithumb exchange hack as more details are revealed in the coming hours and days.

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