Crypto Exchange Bithumb Hacked: $32 Million Worth Coins Stolen

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Crypto Exchange Bithumb Hacked: Hackers are frequently trying to mistreat the internet world and it seems that their current intention is the cryptocurrency system. On last Wednesday, the famous South Korean cryptocurrency exchange, Bithumb, reported that some cybercriminals have hacked and robbed $32 million value of virtual coins in a short time which went unnoticed. The company also tweeted a post which was revised after some time. The report came out after the tweet was found which read that Bithumb will try to repay the values to investors who lost their crypto in the hack.

A recent report states that the largest crypto exchange has temporarily stopped the activities like all securities and withdrawals. They have decided to transfer the leftover values to a cold wallet that is a crypto storage used by the firm which is not correlated to the web. The hacked crypto exchange is used by more than 1 million clients as it is known as the largest South Korean virtual currency exchange till date. The company has already filed a complaint in Seoul police who have started an inquiry into the recent cyber hack.

Crypto Exchange Bithumb Hacked: $32 Million Worth Coins Stolen

Crypto Exchange Bithumb Hacked: $32 Million Worth Coins Stolen

Gadgetsay reporters have found out that this is not the first tie that Bithumb has been hacked. The hackers have constant eyes on this largest crypto exchange. You will be shocked to know that this is the third time, that the firm is steadily hacked from back few years. The previous hack occurred on June 10 so, it’s been a short while and again its hacked. In the previous hack, Coinrail suffered a financial loss of more than $37 million value of crypto. In these hacks, the company has been targetted with a loss of bitcoin and ether, which were fallen.

Crypto Exchange Bithumb Hacked: $32 Million Worth Coins Stolen

Crypto Exchange Bithumb Hacked: $32 Million Worth Coins Stolen

After the recent crime, the bitcoin value has fallen by approximately $200 to a cyclic fall till now of $6,561 in an hour. However, the value had jumped again to about $6,640. The coins which are obtained by the hackers must be vulnerable in the hot wallet, linked with the internet, claimed by Ho, a professor at Korea University’s Blockchain Research Institute.

The professional members said that the coins in the cold wallet are protected as it is not linked with internet connection so the hackers cannot even see the values. Hence, it is assumed that the hacked coins must be in the hot valet, but the leftover amount is immediately fastened in the cold wallet after the hack.

A chief investigator at ESTsecurity, Mun Chong-Hyun, declared in a report that the hackers most lucrative aim is the digital coins so, they might attempt same crime in future as well. So, the crypto world needs to be safe. He further claimed that “No security measures or regulations can 100 percent guarantee the safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target.”

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