News broke today that Korean exchange, Bithumb, had been hacked and lost $30 million of cryptocurrency. As the world's 6th biggest cryptocurrency exchange, this is a real concern to the community and this was reflected in the Bitcoin price as it retraced $200, erasing all the gains it had made in the previous 48 hours.
The theft, presumably from a hack, caused the exchange to immediately suspend all deposits and withdrawals. They then moved all of their assets to cold storage until the cause of the loss was known.
“We checked that some of cryptocurrencies valued about $30,000,000 was stolen,” Bithumb said on Twitter. “Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.”
Bithumb said that the company will cover all losses so that users will not be affected, other than by the temporary inability to move their assets. This is another concerning hack of a large exchange that will surely only further dent the mainstream acceptance of cryptocurrencies as an alternative to fiat currencies.
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