Bithumb Crypto Exchange Hacked

The South Korea cryptocurrency exchange, Bithumb, has admitted it was subject of a hacking attack via Twitter. All deposit and withdrawal services were suspended after about $30 million worth of cryptos was stolen. Bithumb assured its users that all stolen coins would be paid with Bithumb’s own reserves and that all users’ assets were being transferred to a “cold wallet”.

The exchange did not say when it would restart its deposit and withdrawal services but did urge users not to deposit any funds in their wallets until further notice. Since the announcement, Bitcoin has dropped in price from $6,730 down to $6,630. 2018 has been characterized by multiple exchange hacks with Coinrail being the most recent, right before Bithumb. Usually, this kind of news tends to have a negative impact on the market but hopefully it will recover soon.

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