Hackers steal $43m from cryptocurrency exchange - Security

Inside a cryptocurrency mine in South Korea

Inside a cryptocurrency mine in South Korea

Just last week, another cryptocurrency exchange in South Korea, Coinrail, said hackers stole about 30% of its virtual currencies.

This time, it was popular Seoul-based Bithumb that was the victim, with 35 billion won ($31.5 million) stolen from the platform.

The platform's other assets, Bithumb added, have been moved to a cold wallet - basically an offline environment inaccessible through the internet.

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

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As was the case with Coinrail attack, the price of Bitcoin, Ethereum, and Ripple all fell on the back of the news but have since recovered. Global policymakers have warned investors to be cautious in trading the digital currency given the lack of rules and regulations governing it.

South Korea's cryptocurrency exchange, Bithumb, was attacked by hackers, making it the second South Korean cryptocurrency exchange to be ransacked. The exchange states that due to the hack, deposits and withdrawals will be temporarily suspended until further notice. "It is held anonymously and in lightly-secured systems, which makes them an irresistible target", Mun said.

Bithumb has quickly established itself as one of the fastest-growing trading platforms in South Korea - a country that has become a major hub for cryptocurrency traders in recent months. In December 2017, Slovenian cryptocurrency marketplace NiceHash was hit by a cyber-attack which led to losses of $64m. As reported by Bitcoin Magazine earlier this month, South Korean Conrail lost around $40 million to hackers where lesser known tokens such as PundiX were stolen. The cyber attacks come after a high-profile theft of over half a billion dollars worth of digital currency at Japan's exchange Coincheck earlier this year.

Bithumb trades more than 37 different virtual coins.

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