South Korea's Bithumb hacked, $31.5m lost

Bithumb it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized” and would fully compensate customers.

The South Korean cryptocurrency exchange Bithumb said 35bn won ($31.5m) worth of virtual coins were stolen by hackers, the second local exchange targeted in just over a week as cyber thieves exposed the high risks of trading the digital asset.

“Since coins in the cold wallets are not at all wired to the internet, it would have been impossible for hackers to steal those in cold wallets unless they physically broke in,” said In, a blockchain expert at the research centre.

Bithumb desperately trying to clean out their #Bitcoin hot wallets and doing dust collection for insanely high fees pushing overall fees up.

Currently big backlogs and high fees on the bitcoin network. Just confirmed that it is Bithumb, cleaning out their hotwallet.

Bithumb paying 0.1 to move 0.4 $BTC to one of their cold storage addresses. 432 inputs, 1 output. Smells like desperation or the hacker is still cleaning out the wallets & doesn't care how much it costs. This is not normal behavior, they're burning money.