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

Seoul-based virtual currency exchange Bithumb has been hacked and 35 billion won ($31.51 million) worth of virtual currency held at the exchange stolen, the exchange said on Wednesday. This is just a few weeks after another Korean crypto exchange Coinrail lost $40 million through an alleged hack.

Bithumb said in a notice on its website that it has stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won have been seized between late yesterday and early morning today.”

The exchange said it will “make up for the lost cryptocurrencies” with the exchange’s own coins, and has moved all users’ assets into safe “cold wallets”. A Bithumb official could not be immediately reached by Reuters for further comment. $1 = 1,110.5900 won Reporting by Joyce Lee;

The company has temporarily frozen deposits and trading while it is in the process of “changing our wallet system” following the incident.

Coinrail may be one of Korea’s smaller exchanges, but Bithumb is far larger. The exchange is ranked 6th in the world based on trading of Ethereum and Bitcoin Cash, and top for newly-launched EOS, according to data from Coinmarketcap.com.

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