In what has become a recurring theme in the digital currency industry, another cryptocurrency (crypto) exchange platform has suffered a cyber intrusion. South Korean crypto exchange Bithumb has been hacked, with $31.5 million worth of token stolen. This incident is the second of such attacks on a crypto exchange platform in South Korea, in as many weeks.
Bithumb announced on Wednesday, that $30 million in cryptos had been stolen from its coffers. The platform is one of the largest crypto exchanges in Asia, with almost $360 million in assets. Bithumb hasn’t yet specified the coins taken from the platform.
However, Bithumb reportedly moved a significant amount of crypto tokens to its offline wallet to prevent more theft.
Second Exchange Hack in As Many Weeks
Less than two weeks ago, we reported another hack on a South Korean-based cryptocurrency exchange platform. This time, it was Coinrail, a relatively smaller exchange service. The Coinrail hack coincided with a significant dip in the prices of cryptos, with Bitcoin losing $1,000 in a matter of hours.
Consequently, I declared that the hack was responsible for the widespread decline of cryptocurrencies. However, some people (check the comments on “South Korean Cryptocurrency Exchange Hacked, Cryptos Lose $40 Billion As A result”) disputed that the decline was not due to Coinrail’s hack. Still, the frequency of crypto exchange hacks is something that will leave many traders worried.
Anyway, at the time of writing this article, most of the top 100 coins have declined in the past few hours, presumably due to the Bithumb hack. Check it out on CoinMarketCap.
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Hamusati matanga vanhu vema.crypto. The banking system is happy to see the back of crypto, and this makes good news for them!!
Getting into this crypto bull dust is like diving into a swimming pool from a great height. You might be lucky to dip headlong into refreshing water or you might, tragically, find the pool dry.