Bithumb South Korea loses 31.5 million dollars in the theft of cryptocurrency

Korean cryptocurrency exchange Bithumb said 35 billion won (31.5$m) worth of the virtual coins were stolen by hackers, the second local exchange address in just a week, as cyber-thieves exposed to the high risk of trading a digital asset.

Bithumb said in a notification on its website that it would stop all trade to make sure “one cryptocurrency worth about 35 billion won captured between yesterday evening and today early in the morning.”

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Exchange, the sixth busiest in the world according Coinmarketcap.com said she was keeping the clients ‘ assets in “safe cold wallets” which run on platforms not directly connected to the Internet. He added that the company will fully reimburse buyers.

Theft Bithumb emphasizes the security risks and weak regulation of global cryptocurrency markets. Global policy, warned that investors will be cautious in trading the digital currency, given the absence of broad regulatory oversight.

In Ho, Professor, research Institute for Blockchain Korea University, said that the stolen coins were likely to be more unsafe from ’hot wallets’.

“Because the coins in cold wallets are not connected to the network, it would be impossible for hackers to steal the cold wallet, if they are physically broken,” – said the expert in the blockchain at the research center.

Bithumb not immediately respond to a request from Reuters for the comments and its statement did not say whether the stolen coins were stored in its “hot wallet”.

Mun Jung-Hyun, chief analyst ESTsecurity, said digital coins continue to be the targets of hackers around the world.

“No safety measures or rules can 100% guarantee the safety of virtual coins. It is anonymous and poorly protected system, making them an irresistible target,” said moon.

In Luxembourg, the main thing is to get through this time, bitcoin was down 1.8% to $6,612.92 on 03:51 GMT, extending losses into a series of incursions on bitcoin exchanges in recent weeks have raised concerns about security.

It fell about 70% from its peak hit around mid-December 2017.

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On 11 June, another South Korean bitcoin exchange, Coinrail, said it was hacked. Cyber-attacks occur after high-profile theft of more than half a billion dollars in digital currency on the stock exchange Coincheck Japan earlier this year.

In January, South Korea has banned the use of anonymous Bank accounts for virtual trading a coin to stop the cryptocurrency being used in money laundering and other crimes. However, the government has stated that it intends to go as far as closing of domestic stock exchanges.

Bithumb deals more than 37 different virtual coins, according Coinmarketcap.com.