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Bithumb halts deposit and withdrawal services following $31 million USD hack

South Korean cryptocurrency exchange Bithumb has reported a $31 million USD hack, and has proceeded to halt all deposit and withdrawal services.

Written by Bryan Smith Published on

A successful hack on Bithumb – one of the largest worldwide cryptocurrency exchanges – has resulted in the plunder of some ₩35 billion KRW – roughly correlating to $31 million USD.

The platform has disclosed that the hack occurred between Tuesday night and Wednesday morning at local time, and at the time of publication the exchange has not announced what – and how much – cryptocurrency had been stolen.

According to early reports from South Korean news agency Yonhap, the hack may have targed Ripple’s XRP.

Prior to publicly announcing the news Bithumb reported the hack to South Korea’s Internet & Security Agency (KISA). At press time, KISA has not offered public comment on the nature of the information passed on, nor as to whether it is proceeding with an investigation.

In the wake of the news, Bithumb has halted all deposit and withdrawal services and has reportedly moved its remaining assets into cold storage. In a press release, the platform has advised that investors should “immediately discontinue depositing cryptocurrencies until further notice.”

The news comes after a fellow South Korean exchange – Coinrail – reported a $37.2 million USD loss in the wake of a “cyber intrusion”.

Cryptocurrency markets have taken a bearish swing in light of recent events – Bitcoin is down by 1.61% day-on-day at presently trades at $6,658.93 USD. Ripple’s XRP is similarly down by 3.20% day-on-day, and trades at $0.531393 USD.

Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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