Bithumb Hacked $31.5 Million Worth Stolen

in crypto •  6 months ago

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Another one bites the dust. Bithumb, a large well used crypto currency exchange has been hacked with around $31 million US Dollars stolen. Bithumb announce late Tuesday evening that they have been attacked by hackers that was able to syphon out 35 Billion Won (31Million US)

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This attack only comes 10 days after the Conrail Exchange hack where an estimated $40 million dollars worth of crypto was stolen.

Are the security measures of the exchanges not adequate enough to keep these attacks from happening or are these organized crime attacks just to powerful to overwhelm the current security we have in place.

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This seems to be a regular thing nowadays. I wonder if it's because the exchanges are not regulated, therefore perceived as an easier target?

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I think that is one part of the problem. I think the exchanges needs to increase security and must have the full support of government agencies going after criminals and prosecuting them to the full extent of the law. Another possible solution is a limitation of withdrawals like a holding time duration depending on the amount. 24 hours hold for anything 5k and under and 1 week hold for anything 100k and over.

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It's always the low hanging fruit that gets picked first. Perhaps these exchanges should go out of their way to NOT be low hanging fruit...

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