Cryptocurrency exchange Bithumb stops deposits, withdrawals after hack

MANILA, Philippines – South Korean cryptocurrency exchange Bithumb announced Wednesday, June 20, it was halting both asset deposits and withdrawals after an attack which took 35 billion Korean won ($31 million).

According to its announcement, the exchange noticed the currency missing sometime between Tuesday evening, June 19, and Wednesday morning.

Bithumb did not yet disclose which cryptocurrency was affected, but it did say the losses would be compensated from the platform’s own reservoir.

The platform’s other assets, Bithumb added, have been moved to a cold wallet – basically an offline environment inaccessible through the internet. Because of this movement, Bithumb is calling on users to “immediately discontinue depositing cryptocurrencies until further notice.”

CoinDesk, in its report, said the attack “marks the second incident in less than two weeks in South Korea.” Coinrail, a smaller cryptocurrency exchange in the country, was attacked on June 10. – Rappler.com