Crypto Exchange Bithumb Halts Withdrawals Amid $31 Million Hack


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.

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 deposits and withdrawals were suspended indefinitely to "ensure security", it said, adding the losses would be covered from the firm's own reserves. Global policymakers have warned investors to be cautious in trading the digital currency given the lack of rules and regulations governing it.

The logo of Bithumb is seen at its cryptocurrencies exchange in Seoul, South Korea, January 11, 2018.

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Last week Coinrail lost about 30 percent of its coins to hackers, which then saw the value of Bitcoin tumble to a two-month low.

On the Luxembourg-based Bitstamp, bitcoin BTC=BTSP was last trading at $6,590.00, extending losses as a series of intrusions on cryptocurrency exchanges in recent weeks sparked concerns over security.

Enthusiasm for virtual currencies has waned this year partly due to a string of cyber heists, including the almost $500 million theft from Japanese exchange Coincheck late January.

Hackers stole more than $30 million worth of cryptocurrencies from South Korea's top bitcoin exchange, sending the unit's price falling around the world on Wednesday. But the government said it does not intend to go as far as shutting down domestic exchanges.