Bithumb theft sees £24m of crypto stolen, Bitcoin price dips on news

The world’s 6th-largest crypto exchange, Bithumb, has been robbed of a massive wedge of cryptocurrency. Quite how is unclear, however… 

Bithumb, a large South Korean crypto exchange, says that it has been the victim of at £24m heist. The massive haul of cryptocurrency removed from its the coffers represents the second big theft from an exchange in the region over the last week or so.

As with the first, which on June 11th left Coinrail something in the region of $35m down, Bitcoin’s price quickly reflected the news, by taking a turn for he worse.

It also represents the second time that Bithumb has been targeted by hackers in less than a year. In late June/early July 2017 hackers stole a cache of 32,000 user details by targeting the PC of an Bithumb employee. It then used them to phish passwords and even security keys from users – getting away with around $800,000 dollars of coins, as far as we know. This time, however, the attack seems to have been much more direct and significantly more serious, though little is really known about what has transpired.

A notice on the Bithumb site, posted last night (UK time), told visitors that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion Won [South Korea’s currency] were seized between late yesterday and early morning today.”

It would appear from Bithumb’s statement (translated by Google) that upon finding out about the attack, that its assets were moved to “a secure cold wallet” not connected to the internet. According to Reuters‘ report, Bithumb has not commented on specific details related to what happened, though withdrawal and deposit facilities are suspended. Visitors to the Bithumb site now, however, would be hard-pressed to know that anything was amiss.

The exchange has, however, said that it intends to fully compensate customers.

As of 6.30am UK time, Bitcoin sits at around $6,600 – 1.5% down over the last 24hrs