Crypto Exchange Bithumb Halts Services Amid $31 Million Hack

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Bithumb, one of the largest cryptocurrency exchange in South Korea by trading volume, is halting asset deposit and withdrawal services after a hack that has stolen 35 billion won (or $31 million) worth of cryptos from the platform.

The company said in an announcement today that the hack happened since late Tuesday night until early Wednesday morning Korean time. Though Bithumb has yet to disclose which cryptocurrency or in what amount had been damaged, it said in the announcement that the loss will be covered by the platform.

Meanwhile, the company said other assets have been moved to a cold wallet that stores cryptocurrencies in an offline environment that is not accessible through the internet. As such Bithumb said investors should “immediately discontinue depositing cryptocurrencies until further notice.”

The exchange has not responded to CoinDesk’s enquiry for comment. As of press time, Bithumb is seeing over $300 million 24-hour trading volume on its platform, making it currently the sixth largest exchange in the world, data from CoinMarketCap shows.

The hack marks it the second incident in less than two weeks in South Korea. As previously reported by CoinDesk, Coinrail, a smaller cryptocurrency exchange in the country also reported that it was hacked on June 10.

Thought the platform did not disclose the amount of the damage, other sources suggested at the time that $40 million worth of cryptocurrencies could be a risk.

CoinDesk will continue monitoring the evolving situation.

Korean won image via Shutterstock

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