One of the most popular South Korean exchanges, Bithumb has been reportedly hacked a few hours ago as announced by the Bithumb official Twitter page. The tweet clearly stated that around $30 million worth tokens have been stolen. But, the post went missing after few minutes. They immediately announced a suspension of all deposits and withdrawals to ensure security and any further damage or loss.

Their initial post stated:

“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.”

Their latest post after the theft came into light, mentioned that they are halting all transactions as a matter of increased safety issues for which they are changing their wallet system. While it is quite evident and the speculations reveal that the exchange has been victim to a robbery which incurred a loss of almost $30 million to this Seoul-based exchange.

Once back in time, it was the world’s biggest crypto exchange platform which has now been temporarily shut as the thieves just got away with $30 million worth of unrevealed cryptocurrencies from the exchange, leaving no clue behind. No specific details have been released or stated about the entire event as to when it occurred, how or who did it but the exchange officially froze all deposits at 00:52 UTC.

They have been continuously warning and updating the users though not in detail, that they are working on securing the user funds and get out of this smoothly. They have announced that they will restart the services only after ensuring security and will notify the users of the same when re-instated. They immediately started transferring all the digital assets held by them to their cold wallets as a prevention to further damages.

South Korea has witnessed a lot of such suspicious activities and thefts and Bithumb has been the latest victim of what possibly is suspected as a hack. Considering the other hacks and similar robberies witnessed in the crypto sphere, this is possibly a smaller theft. The exchange has ensured all the users of refund or a cover for the loss thus not affecting any of their clients. The only inconvenience currently will be the temporary pause of all the functionalities. Their latest update expressed an urgency where they addressed their valuable customers as they requested them not to deposit any funds into their Bithumb wallets for the time being and until further notice.

This was the speculation running around the space early morning and to put an end to all the confusion, Bithumb put up an official press release which clearly stated while confirming that some cipher money of around 35 billion KRW worth cryptocurrencies were stolen from late night to early morning today, May 20th. They further stated, “Please be assured that all of your lost passwords will be covered by our company and we will inform that all of your assets are being held and moved to a secure cold wallet.”

However, until users have enough money deposit and withdrawal services, cryptographic transaction services and other services involving mobility of assets will be temporarily stopped.

Prior to this, they had released a post of an emergency declaration for suspension of password money deposit services which announced that due to an increased number of security threat attempts, they are in the process of changing the crypt wallet system. Currently the world’s  6th largest exchange, Bithumb is surely having a tough mid-week as they also requested the customers to stop payments until they are notified of the deposit at the Vittim password exchange address. Payments cannot be processed until the deposit system is completed. despite all the chaos and blames imposed on the exchange by the users and the market speculators, they have been handling it pretty well as of now and look forward to a speedy and safe recovery.

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This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.


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