Hackers rob Bithumb crypto-exchange of $32m

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For the second time in a year, South Korean cryptocurrency exchange Bithumb has been hacked, and this time around, hackers stole the equivalent of 35 billion won ($31.6 million) worth of cryptocurrency. The exchange said it will compensate victims, adding that it has halted cryptocurrency deposits and withdrawals and moved investor assets to a so-called cold wallet that's disconnected from the Internet and less vulnerable to hacking.

Melissa Lee went on to ask the question about "when" the market is expected to recover from the bear market, and the Litecoin founder has chose to take a more diplomatic stance and distance himself from price predictions.

In an update posted on June 21, the Bithumb said it was beginning "recovery" processes and that the total losses from the recent hack could ultimately decrease.

Post this digital blunder, Bithumb followed up in several tweets: [Notice for the temporary suspension of the deposits] Due to the increasing safety issues, we are changing our wallet system. News of an exchange hack normally sees a sharp fall in prices for all cryptocurrencies, but this time, it was a more modest fall of just 3%. The platform is the sixth-largest in the world, with an average daily trading volume of nearly $400 million, according to CoinMarketCap.

Earlier this month, a small exchange in South Korea called Coinrail was hacked and reportedly lost coins worth $37m.

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Although the damage may not be severe for the size of Bithumb, the latest breach at the exchange vying with market champion Upbit for the top spot in Korea is a worrying incident as Bithumb had boasted of its security practices against cyber threats.

South Korea-based Bithumb, the sixth-largest exchange by market capitalization, has asked customers not to deposit any funds into their digital wallets, but assured users that their asserts were safe. However, the hackers have stolen worth $30 million worth of currencies via getting hands-on to an opened hot wallet.

For now, Bithumb is moving the remainder of its funds into a cold wallet to avoid further risk. There seemed to be signs of an emerging bull run as Bitcoin stayed above the $6,700 mark.

Do you think the Bithumb hack will cause a massive dip in the prices of cryptocurrencies?

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