South Korean crypto Exchange ‘Bithumb’ Hacked and Lost Over $30M.

Nowadays, news regarding problems in cryptocurrency has become common. We hear people losing their coins from the wallet and even the currency being hacked. Two weeks ago, a news revealed that Coinrail was hacked and lost a ton of money due to it. This week, the South Korean currency, BitHumb was reportedly hacked and resulted in a huge loss of money for them. The company said that they lost nearly 35 billion Won which accounts for $31 million. The company said that the hack began last night by the hackers. They continued with the hack until today which cost the company a lot of money loss.

Following the hack, the company decided to stop all the exchanges of the currency. The withdrawal and deposit were halted and they requested the customers not to put their money till they release an official notice. To safeguard their currency, all the coins have been put up in a cold wallet. A cold wallet is secure since it cannot be accessed through the internet. They are still researching on how the cryptocurrency was hacked and to make it more secure.

The company has not come out with any reasons for the hack. They are trying to figuring it out with what caused the attack. Meanwhile, the company has stated that if they fail to recover the coins, they will compensate all the users from their own money.

BitHumb – South Korean Crypto

BitHumb is one of the major South Korean exchange. Also, it is the third major currency to be hacked recently. However, they were a bit of chaos for a long time. A few months back, YouBit, one of the South Korean cryptocurrency filed for bankruptcy. They filed in December last year after losing 17% of their value in a hack. The South Korean Government was much concerned about the cryptocurrencies and hence was looking at them. BitHumb’s office was raided in January due to tax fraud problems. After the tax evasion, Bithumb were fined for 30 billion Won which accounts for $27.1 million.

Verdict

While the world is still going crazy over the cryptocurrencies to make quick money, it might not be well secure. The currency generates a lot of profit over a smaller time if invested properly, but they result in a loss too. In spite of smart decisions taken by the people, they might still end up losing their money to the hackers. The hacking level is improved and nearly everything present on the internet. However, the security of these currencies is being improved with new technologies. We still need to be secured as losing hard earned money due to hacks will hurt us a lot more than anything else.

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