The security operating conditions in the crypto world are a known issue. Crypto exchanges are known for their lack of infrastructure instability and many of the hacks had happened because of these known reasons.
The newest hack has taken place on one of the biggest South Korean exchanges the Bithumb crypto exchange resulting in a loss of 30 million dollars worth of cryptocurrencies. As a result of that all of the deposits and payments have been temporarily disabled.
*All deposit and withdrawal service will be stopped to make sure the security. We will keep notice you of the restart of the service. We apologize for your inconvenience and thanks for your understanding.
— Bithumb (@BithumbOfficial) June 20, 2018
They have released a statement that all of the assets have been moved to a cold wallet and a compensation plan is on its way for the users affected by the cyber attack stating:
“[Notice for the suspension of all deposit and withdrawal service]
We checked that some of cryptocurrencies valued about 30 million dollars was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.”
Earlier this month a cyber attack on another South Korean crypto exchange Cointrail had resulted in 37 million dollars worth of coins stolen. But it is important to notice that Cointrail is ranking as the 99th largest crypto exchange in the world as some of the media had been accusing the hack for the crash of the crypto market, but a counter comment was made by an industry journalist and commentator Joseph Young who said:
“The Wall Street Journal thinks Bitcoin price fell 11% because a small cryptocurrency exchange in South Korea which a small portion of local users utilize was hacked. Bitcoin fell because people sold and not enough people were willing to buy, not because of a small hack.”