​South Korean crypto exchange Bithumb hacked

South Korean cryptocurrency exchange Bithumb has been hacked and tokens worth 35 billion won ($31.5 million) have been stolen, following the hack on compatriot Coinrail earlier this month.
Written by Cho Mu-Hyun, Contributing Writer

South Korean cryptocurrency exchange Bithumb has been hacked, with $31.5 million worth of token stolen.

The hack started around 11 pm KST on Tuesday, with the exchange blocking deposits from 1:30am, Wednesday.

Bithumb, on its homepage, asked customers to stop depositing funds for "the time being" and said deposits and withdrawal services will be halted.

It said remaining tokens were being stored in cold wallets and that the company will compensate all losses. Affected token include the popular Ripple (XRP) cryptocurrency.

Just last week, another exchange, Coinrail, suffered a hack and lost some $40 million worth of coins.

The consecutive attacks within the same month have raised security concerns in exchanges. Korea Internet & Security Agency said it is now investigating the matter.

Hacks have been reported globally. In December, NiceHash said $68 million worth of coins had been stolen.

Related Coverage

Cryptocurrency theft malware is now an economy worth millions

Carbon Black research suggests that as interest in cryptocurrency rises, so does the market for weapons to steal it.

Seoul and Ground X to cooperate on blockchain social impact projects

Ground X, the blockchain subsidiary of Kakao, and Seoul Digital Foundation will co-develop blockchain projects for application in public sector as well as those with social impact.

Samsung SDS unveils blockchain-based finance platform Nexfinance

Samsung SDS has unveiled Nexfinance, an AI-powered blockchain finance platform that aims to help digital transformation in the enterprise.

Blockchain: The 2 most important things to understand

Don't dismiss blockchain because of the current over-exuberance. There are a few places where it's ready to have a major impact.

SAP launches blockchain-as-a-service effort, aims to integrate it into portfolio, processes (TechRepublic)

SAP is steadfast that blockchain will be a big deal in the enterprise, business processes and IT.

Free PDF download: How Blockchain Will Disrupt Business

This special report from ZDNet and TechRepublic examines the potential for blockchain to shake up the economy and redefine industries. Download the entire report as a free PDF ebook.

Editorial standards