South Korea cryptocurrency exchange Bithumb says hacked, $32 million in coins stolen

South Korea cryptocurrency exchange Bithumb says hacked, $32 million in coins stolen

South Korea cryptocurrency exchange Bithumb says hacked, $32 million in coins stolen

In a tweet sent out via Bithumb's official twitter handle on Wednesday, the exchange reported the loss and announced the suspension of deposit and withdrawal services.

Bithumb is the second South Korean exchange to be hacked in the last month.

The cryptocurrency faced a considerable market dip of 2% right after the hack.

Interestingly, earlier in the month, Bithumb was cleared of tax evasion charges in South Korea and was ordered to pay a $28 million tax bill, an amount that's nearly equal to the funds stolen, which raised suspicion among some crypto commentators.

Coinrail may be one of Korea's smaller exchanges, but Bithumb is far larger.

"The loss will be compensated by Bithumb's own reservoir", Bithumb said.

The news will continue to serve as a warning to investors of the risks involved in putting money into the nascent cryptocurrency market.

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Bitcoin was 1.9 percent lower at $6,607.00.

Since such events can really make a difference on the market and investors definitely feel anxious whenever bad news spreads in the space, Melissa Lee of CNBC's "Fast Money" has prioritized the topic as part of their latest edition of the show. The marketplace noticed Ether currency to make an equivalent drop around the same hour.

The speculative fervor has since cooled amid a government crackdown, but South Korean exchanges are still among the world's most active. It hasn't been long since the country was about to ban all the exchanges platforms.

Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being. Coinrail said Monday it would resume trading on July 15.

The notoriously secretive company is estimated to have around 100,000 traders using the platform at any given minute, and accounts for around 80% of South Korea's ether-based exchanges.

The theft is the second major incident of its kind in South Korea in recent days. The modest decline seen from the Bithumb hack seems to indicate that an exchange hack of $30 to $40 million would not usually push prices down by more than 10%.

The $30 million figure provided by Bithumb is an estimate of the amount of funds that were vulnerable to the breach. "It is Bithumb's third hack in 12 months". Do let us know in the comment section.

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