More than $30 million in cryptocurrencies stolen

More than $30 million in cryptocurrencies stolen

Bithumb, one of the top cryptocurrency exchanges in South Korea says it was hacked and digital assets worth about $30 million stolen.

They assured everyone that Bithumb would cover all expenses and affected users will be fully refunded.

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 made a decision to take a more diplomatic stance and distance himself from price predictions.

"It was the hot wallet that was hacked, so we are uncertain at this point whether the stolen cryptocurrencies are our customers' or the company's", a Bithumb spokesperson explained.

Bithumb said yesterday that it reported the theft to the Korea Internet & Security Agency and that officials there are investigating.

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. Ethereum fell about the same, while bitcoin cash and Litecoin dropped more than 2%.

Unlike Coinrail, which lost more than $40 million in altcoins when it suffered an attack, Bithumb is one of the biggest exchanges-according to CoinMarketCap data, it's the world's sixth largest cryptocurrency exchange.

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South Korean venue Coinrail last week said that some of the exchange's digital coins appeared to have been stolen, although it did not disclose the amount.

Meanwhile, all the money from the exchange is now being moved to a cold wallet to tighten up the security.

The earlier hack had coincided with other related negative news about price manipulation and regulations.

The rest of Bithumbs' assets have been transferred to a cold wallet, a storage that's entirely disconnected from the internet.

If the exchange does not protect the coins well enough and gets hacked, it doesn't really change the fundamentals of the coin they are protecting.
However, the effect of the Bithumb hack has seemingly sent Bitcoin's value into a downward slide to just $6,562 in the last 24 hours. Still, the frequency of cryptocurrency exchange hacks is something that will leave many traders anxious.

Bitcoin (virtual currency) coins placed on Dollar banknotes are seen in this illustration picture, November 6, 2017.

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