Bithumb becomes the second victim to crypto theft in Korea this month

Korean crypto exchange Bithumb says it lost over $30M following a hack

Bitcoin and other major cryptocurrencies prices recovered on Thursday following a hacking attack that targeted South Korea's Bithumb exchange on Wednesday.

Yesterday, on June 20, more than $10 billion was erased from the cryptocurrency market after Bithumb, South Korea's biggest cryptocurrency exchange was hacked.

South Korea's spy agency later accused North Korea of being responsible after the stolen information was used to carry out scams. It said the issue was first noticed on Tuesday, with millions of dollars-worth of cryptocurrencies being stolen, but claimed that the financial losses would be compensated using its own virtual cash reserves.

Bithumb made the announcement about the hack via Twitter, acknowledging the loss of user funds.

While news of the latest theft has weighed on sentiment, the reaction has been relatively subdued, said Mr Ryan Rabaglia, head trader at cryptocurrency dealing firm Octagon Strategy in Hong Kong.

The attack on Bithumb has brought an immediate impact on prices for virtual coins.

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South Korean policymakers are debating comprehensive regulations covering cryptocurrencies, with proposals ranging from shutting down local exchanges to allowing them to operate under increased supervision.

Bithumb also reported that assets are being transferred to a cold wallet while they "build up the security system and upgrade DB". In April a year ago, the company suffered a cyberattack that led to the leakage of sensitive personal data of 31,506 users and theft of 4,900 Bithumb accounts.

According to Bitcoinfees.info, the current average Bitcoin transaction fee is $2.53 per transaction. Following the incident, the exchange has since moved swiftly to suspend all withdrawals and deposits on its platform, with all usual services expected to resume after the matter is solved.

The sixth largest crypto trading platform might provide compensation for the same, but when it might start occurring is still unknown.

If the exchange does not protect the coins well enough and gets hacked, it doesn't really change the fundamentals of the coin they are protecting.

One cyber security worker said, "The victims of hacking attacks against exchanges are the customers, so we need to come up with tougher measures".

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