Crypto Exchange Bithumb Halts Withdrawals Amid $31 Million Hack

It is now $6,643 per coin. It added that it had transferred assets to a “cold wallet” – a term used to refer to external storage unconnected to the internet – as part of the process.

Bitcoin price is teasing traders with brief bullish signals, besides it has maintained the support at ,600; covered in an earlier analysis today.

The Seoul-based operator has temporarily halted all deposit and withdrawal services in the wake of the hacking and asked all customers to refrain from depositing funds into their Bithumb wallet until further notice. “We apologize for your inconvenience and thanks for your understanding”. The existence of enough United States dollars to back the crypto reserves of the cryptocurrency pegged to the fiat currency 1:1 on an even scale is great enough to counter yet another possible price correction, and more good news will definitely bring the prices up once again. Over the past year, South Korea lost almost 100 billion won to cyberthieves.

Some pundits blamed the Coinrail hack on the 11% “bloody Sunday” decline where hackers made off with around $40 million.

The decentralized nature of bitcoin, which is exclusively bought and sold online, captured the world’s attention during the tail end of a year ago, rocketing in value to more than $20,000 per coin. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Financial experts warned in 2017 that the rush of investment was risky, while government bodies around the world have criticized the industry for its unpredictable, unregulated nature. The exchange’s operator was slapped with a fine of 60 million won for negligence. It hasn’t also indicated which cryptocurrencies were stolen or the number of users affected.

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. In a tweet, the company urged its customers to hold off on making deposits into their Bithumb wallets.