Another Day Another Hack: Bithumb Exchange Out of $30 Million

As the title implies, yes, there was another hack and this time the victim was South Korean exchange — Bithumb.

This is as reported by the news sites, ‘Reuters’ (see below):

https://www.reuters.com/article/crypto-currencies-southkorea/s-korea-cryptocurrency-exchange-bithumb-says-hacked-32-mln-in-coins-stolen-idUSS6N1RM000

This appears to be corroborated by the recent tweets that the exchange has released in response to this hacking:

https://platform.twitter.com/widgets.js
https://platform.twitter.com/widgets.js
https://platform.twitter.com/widgets.js

^ Posted in chronological order from top to bottom.

From what I’m seeing (and have seen reported), it is almost impossible to decipher exactly how this money was stolen from the exchange.

However, it does appear as though this has not devastated the exchange, nor has it rendered it insolvent and that they have a handle on it thus far.

They have already issued a formal statement in the press already, claiming that it will ‘make up for the lost cryptocurrencies’.

According to Reuters, they weren’t able to receive comment directly from a Bithumb official after reaching out to them.

Series of South Korean Exchange Hackings

This marks yet another time where a South Korean exchange has been hacked.

Just last week, Coinrail was hacked for a total of $40 million.

https://www.reuters.com/article/crypto-currencies-southkorea/s-korea-cryptocurrency-exchange-bithumb-says-hacked-32-mln-in-coins-stolen-idUSS6N1RM000

Not to mention that Bithumb was already hacked before in 2017:

https://www.reuters.com/article/crypto-currencies-southkorea/s-korea-cryptocurrency-exchange-bithumb-says-hacked-32-mln-in-coins-stolen-idUSS6N1RM000

The outed culprit of the last hacking was North Korea per the BBC report.

There have been multiple reports from different media outlets throughout the course of 2018 that have corroborated this assumption as well.

In fact, this is what led to the demise of the South Korean exchange, Youbit:

https://www.reuters.com/article/crypto-currencies-southkorea/s-korea-cryptocurrency-exchange-bithumb-says-hacked-32-mln-in-coins-stolen-idUSS6N1RM000

Then, there was this hack, which (to my knowledge) was the most expensive hack (adjusting for the value lost at the time of the hack), of a crypto exchange, in crypto history (dating back to Bitcoin’s inception).

https://www.reuters.com/article/crypto-currencies-southkorea/s-korea-cryptocurrency-exchange-bithumb-says-hacked-32-mln-in-coins-stolen-idUSS6N1RM000

While the above example refers to a Japanese cryptocurrency exchange, it still exemplifies the fact that N.K. has remained the capital of hacking.

Conclusion

Until more information comes in, any assumptions at this point should be categorized under ‘conjecture’.

As more updates come out, I’ll do my best to relay such information through either my Twitter (twitter.com/CryptoMedicated) or Telegram (t.me/CoinEducation)

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