South Korean Crypto Exchange Bithumb Hacked for $30 Million

Bithumb, the seventh largest crypto exchange by trading volume, just announced that it has temporarily halted its services following a hack that stole about $30 million worth of cryptocurrencies from the platform.

Further details regarding the attack were provided in a recent blog post, which stated that the hack took place between last night and this morning. They even clarified that the exchange will bear the loses from the hack.

Withdrawal and deposit services have been temporarily suspended and funds are being transferred to cold wallets. The exchange has not yet declared when platform services will resume.

Given that the¬†size of the theft was relatively small, it is speculated that the hackers¬†managed to gain access to an internet-connected ‘hot wallet’ for one of the more thinly-traded assets listed on the platform.

The full details of the attack are¬†not yet released, however, following news of the hack, Bitcoin’s price dropped by around $200.

More: Bithumb Halts Withdrawals Amid $31 Million Hack
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