Korean crypto exchange Bithumb allegedly looses over $30M following a hack

Bithumb is said to be one of Korea's largest cryptocurrency exchange and is among one of the world's top ten ranking cryptocurrency.

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It seems that the cryptocurrency companies are experiencing a hard time fending off the attacks taking place on its platform. It was in recent events when a Korean cryptocurrency exchange named Coinrail has lost $40 million in an alleged attack on its platform. Now, just after few weeks on the Coinrail, another company called Bithumb is claiming that it has lost over $30 million in cryptocurrency following an attack on its platform.

Korean crypto exchange Bithumb allegedly looses over $30M following a

 

Bithumb is said to be one of Korea's largest cryptocurrency exchange and is among one of the world's top ten ranking cryptocurrency based on the trading of Bitcoin Cash and Ethereum. The Bithumb cryptocurrency is also ranked at the top in the recently introduced EOS, as per the data collected from Coinmarketcap.com.

Bithumb has also tweeted that out of 35 billion won tokens around $31 million were taken following the attack. However, the tweet has now been deleted. The company has also not provided any details related to the attack; however, the company did mention that it will be covering any losses for its users. The company has also frozen deposits and trading temporarily while it is in the process of "changing our wallet system" following the attack.

Previously, before the attack, Bithumb took it to Twiter to mention that it was "transferring all of the assets to the cold wallet to build up the security system and upgrade".

It can't be said clearly at the moment whether the company decided to take measures after the attack. It is also being speculated that this could have been a factor due to which the company enabled it.

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Also, there is often an uncertainty in regards to the alleged hacks as it is claimed that most of the attacks are an inside job. One other reason that raises the suspicions is the fact that Bithumb was slammed b a 30 billion won tax bill from the Korean government. In the absence of an independent audit, it would be hard to tell what exactly happened and whether this is a hoax claim made by the company.

Korean crypto exchange Bithumb allegedly looses over $30M following a

 

We would recommend our readers who invest in Cryptocurrencies to store their tokens in their own private wallet. This will help the users to shield their Cryptocurrencies. It is expected that the company will be making up for the losses, but it is not clear by when the company intends to do so.

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