South Korea[1]’s biggest cryptocurrency exchange Bithumb[2] is scrambling to protect users funds after a large scale hack.
Initial reports from the Yonhap new agency[3] indicate that over $30 million worth of cryptocurrencies were stolen during a cyber attack on June 19.
Cointelegraph Japan was informed[4] that the hot wallet was hacked during the night and cryptocurrency stolen included Ripple[5]. Once the exchange was made aware of the attack[6], it froze deposit and withdrawal services. Bithumb has already assured customers affected by the hack will be compensated for their losses.
“We checked that some of cryptocurrencies valued about $30 million was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallets.”
Furthermore, the exchange began moving all cryptocurrencies into a cold wallet on June 16, in conjunction with a security system check and database upgrade as per its Twitter account:
[Notice for the restart of service]
We are transferring all of asset to the cold wallet to build up the security system and upgrade DB. Starting from 15:00 pm(KST), we will restart our services and notice again as soon as possible. Appreciate for your support.— Bithumb (@BithumbOfficial)
It is understood that the exchange also moved a large amount of Ether[8] to its cold storage wallet as well.
South Korean authorities on the case
The country’s Ministry of Science and Technology has already launched an investigation into the incident, according to the Yonhap news agency[9].
The hack has also prompted the Korea Internet & Security Agency (KISA) to get involved in order to figure out how the hack[10] took
