Bithumb Hacked for $30 Million in Latest Crypto Exchange Theft

Bithumb Hack

Around 35 billion Korean won ($31 million) was stolen from the sixth-largest crypto exchange Bithumb on Wednesday. Confusion remains over whether Bithumb will cover the lost funds as they deleted a tweet which appeared to confirm it. Following the hack, the price of Bitcoin dropped $150 but has since partially recovered.

In the latest of a series of hacks of large centralized exchanges, Bithumb was hacked while in the process of transferring assets to cold storage in order to build up security. They were previously hacked back in July 2017 for millions of dollars and 30,000 customers had their personal data stolen.

In response, Charlie Lee tweeted: Another day, another hack. Hopefully BitThumb is able to cover this amount, though $30M is not a small amount. As I have said many times, be smart and only keep exchange coins on that you are actively trading. It is best to withdraw right after trading.

Bithumb stopped all deposits and withdrawals in order to ensure the security of users' funds. They also asked their customers not to deposit any funds into Bithumb wallet addresses for the time being.

Bithumb tweeted: "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 deleted a tweet which said that they would cover the remaining funds. The tweet said: "We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.”

On June 11, another South Korean exchange Coinrail was hacked for $30 million which led to a dip in the price of Bitcoin. It has not yet committed to covering customer losses, unlike Coincheck which refunded $430 million after a hack in January 2018. NEM recently called off their tracking matrix which aimed to help authorities track the stolen funds.

Bithumb, who support 37 different cryptocurrencies and tokens have recently added tokens such as Cardano and Status on June 14 and Aeternity and NEM on June 7.