South Korea's major crypto exchange suspends service in hacking attack

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Crypto-exchanges are used to trade in cryptocurrencies, but many have suffered major hacks and cyberattacks over the years. The platform is the sixth-largest in the world, with an average daily trading volume of nearly $400 million, according to CoinMarketCap. Once the exchange noticed the hack, they immediately shut down all deposits/withdrawals, and started moving all their assets to offline cold wallets. Will the fees return to their average level after a few days?

In an online post, Bithumb said the hack happened between late Tuesday night until early Wednesday morning Korean time.

For now, Bithumb is moving the remainder of its funds into a cold wallet to avoid further risk.

To several users, a Bithumb spokesperson said that the company retracted the statement because it was advised by regulators to conduct a comprehensive investigation into the security breach first before releasing an official statement.

At this point in time, Bithumb is rank ed 6 and is one of the largest exchanges in the world.

Crypto markets in Europe and the U.S. are not aware of the hack at the time of writing this article, and there could be a further sell-off during the day. It hasn't been long since the country was about to ban all the exchanges platforms. "All of our customers should stop depositing cryptocurrency until we notified that it is safe to deposit cryptocurrency". For comparison, Bithumb has lost only a small fraction of its entire reserve. Coinrail said Monday it would resume trading on July 15. It was the second consecutive hack in the past two weeks.

Bithumb announced on Wednesday, 20 June 2018 that $30 million in cryptocurrency had been stolen from its coffers. Bithumb said it already detected ongoing cyber attacks on Saturday. It is still unclear whether this is due to bad management of funds or whether the platform was compromised.

Some users reported on cryptocurrency-focused forums that they were missing Ripple (RPX) from their accounts, but this information was never confirmed by the exchange. This breakout is a good reminder to all the cryptocurrency worldwide to keep their wallet in their own control. It has yet to reveal the specific coins stolen in the hack. Let us know in the comments section below! Get instant updates on TechNadu's Facebook page or Twitter handle.