Business Finance

South Korean Bithumb Lose Coins Worth $30 Million To Hackers

Since the advent of the various types of cryptocurrencies, these are surrounded with ambiguity. On one hand, people describe these as the gateway to the futuristic approach of digital money while on the other; a few of the analysts believe there are a lot of risks associated with the same. Recently, a cryptocurrency exchange, Bithumb, which is based in South Korea, has reported having lost digital money worth $30 million to the hackers.

After the aforementioned hacking surfaced the market, Bithumb has decided to temporarily stop the services related to the withdrawal and deposit of the digital money. The users will not lose any money as a result of the hacking as the cryptocurrency exchange will be paying the deficits from its reserves. The assets of the users have also been transferred to the cold wallets in order to ensure the safety. The company is even redesigning the wallet system due to which they have requested the users to refrain from depositing any money as of now.

According to the price index of CoinDesk, the value of Bitcoin has dropped to $6,561.79 from $6,718.35. After the price had hit the low-point, it recovered by a minimum margin and traded at $6,614.46. It also revealed that the value of Ethereum has recovered slightly from the low value of $521.07, which was previously $535.

This is not the first case of hacking reported by the South Korean exchange. Coinrail, Pundi X, and other such cryptocurrencies were also affected by the hackers during the initiation of this month. After the news became public, it also affected the price of Bitcoin, leading to the depreciation of the rate in the Coindesk index.

An official from the US Securities and Exchange Commission has also mentioned that the assets of Ethereum and Bitcoin are not securities.

About the author


Shivangi Mehra

Shivangi holds a degree in Masters in Business Administration, from S. P. Jain Institute of Management and Research College, in the field of business and finance. She has been active in industry since 6 years, and has written for various well known publications as well. Her articles have been featured several times in regional news and as global tech news. Her unique style of writing, and in-depth analysis skills regarding the past trends and upcoming scope of opportunities makes her a perfect choice for her designation as an Editor for Latest Industry News.


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