$30M USD Bithumb hack. A somewhat still sketchy event.

in #blockchain4 years ago

After yesterday's large scale hack on Bithumb, South Korea's biggest cryptocurrency exchange, the company is still trying to protect the remaining part of users funds.

Reports indicate that over $30 Million USD of cryptocurrencies were stolen during the cyber attack occurred on June 19th.
Some of those cryptocurrencies include Ripple and Ethereum. Luckily, most of the exchanges funds were held on cold wallets at the time, and only the hot wallets were the ones hacked.

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Once the exchange was aware of the hack, they froze all deposits and withdrawals, and assured that all the users would be compensated for their losses and the rest of the funds on hot wallets would be deposited into cold storage.

South Korean authorities of the Ministry of Science and Technology have already launched an investigation into this hack according to the Yonhap News Agency. The Korea Internet & Security Agency (KISA) also got involved in the case in order to figure out how the hack went down. The authorities have been in the Bithumb HQ in Seoul to collect records and data from Bithumb's servers.

Even though this hack on Bithumb is probably nothing compared to other hacks on the cryptocurrency, and that it comes just after a $37M USD hack on Coinrail, light still has to be cast over the details on how everything was able to happen, and hackers could get their hands on these $30M worth of cryptos.

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hopefully the authorities can deal with such crimes

Sometimes these hacks actually end up being inside jobs. We will have to wait and see.

Everything can be planned these days. According to some researchers in Texas University, the 2017 bitcoin surge was planned by Bitfinex using its own crypto Tether. Who knows Bithumb's heist was real or deliberately planned by themselves. After all $30M worth of cryptos is a big deal.

Yeah, I already read that study too. Personally I have never been a fan of Tether, as it has been very sketchy about audits and even though recently it was (in theory) confirmed that the actually do hold 1 USD for every USDT, the auditing company is also pretty sketchy. But yeah, maybe Bithumbs hack was actually themselves, it wouldn't be the first time in the cryptocurrency world.

bugs are gonna get exploited , the fault is of those who kept them

Who knows if it has been an inside job... However the ammount of hacks on exchanges just makes me think if their security is actually doing its job

Need to be tighten the security to aviod this in future.

Thats totally true. And even more necessary if you're one of the top exchanges by volume, you need to keep that ammount of funds safe from hacks.

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it is a shame this had to happen, but makes the world of crypto always interesting, keep up the good work

Yeah, Bithumbs clients and users must be really mad even though Bithumb has assured that they will be compensated, the facts are that it has lost more than $30M USD...

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