Crypto Exchange Bithumb Hacked, Loses $31.5M

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

However, the Sentinel Protocol, a team that focuses on online hacking and scams, said that Ripple (XRP) was among the coins stolen in the attack.

Around 9 a.m. on Wednesday, Bithumb informed the public in a Tweet that it was temporarily suspending deposits and changing its wallet system due to increasing safety issues. "Please do not deposit until we notify", the company tweeted.

"Sorry we can't pay those back taxes, we just got hacked and surprisingly for the exact amount that we owed you, sorry fam". "Those stolen cryptocurrencies will be covered from Bithumb and all [the] assets are being transferred to cold wallet [an offline storage method]".

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Reacting to the hack, Bitcoin shed off nearly $200 in value within the hour after news of the hack broke, undoing the positive gain achieved in the 48 hours prior to the hack. At the same time, the SEC also said that many, but not all, initial coin offerings could be securities and would come under the regulatory control of the SEC and relevant securities laws.

At press time, Bithumb is now trading over $364 million in 24-hour trading volume, according to data from Coinmarketcap.

While news of the latest theft has weighed on sentiment, the reaction has been relatively subdued, said Ryan Rabaglia, head trader at cryptocurrency dealing firm Octagon Strategy Ltd in Hong Kong. Still, given the relative size of Coinrail, that claim proved inconclusive.

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Bitcoin was trading at $6,780.7 by 12:05AM ET (04:05 GMT) on the Bitfinex exchange, up 2.4% over the previous 24 hours. Thus, some experts declared that the hack was responsible for the decline. On this basis, the expectation is that the Bithumb hack is already priced into bitcoin on most exchanges. It is now $6,643 per coin.

When this announcement broke at 1 AM UTC on June the 20th, the cryptocurrency market took an immediate hit, with Bitcoin falling over $200 dollars within the span of a few minutes.

As the demand for cryptocurrency and digital has started to increase rapidly and intensify, industry experts and regulators have asked investors to utilize major cryptocurrency exchanges like Bithumb, UPbit, and Korbit to avoid hacking attacks and security breaches.

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