Hackers steal $30m from top Seoul bitcoin exchange

Hyper-wired South Korea has emerged as a hotbed of trading in virtual units
Hyper-wired South Korea has emerged as a hotbed of trading in virtual units

Hackers stole more than $30 million worth of cryptocurrencies from South Korea's top bitcoin exchange, sending the unit's price falling around the world on Wednesday.

The virtual currency was priced at $6,442 dollars late afternoon in Seoul, down about 4.4 percent from 24 hours earlier, after the latest attack on Bithumb raised concerns over cryptocurrency security.

Hyper-wired South Korea has emerged as a hotbed of trading in virtual units, at one point accounting for some 20 percent of global bitcoin transactions—about 10 times the country's share of the global economy.

Bithumb, which has more than 1 million customers, is the largest virtual exchange in the South.

"It has been confirmed that virtual currencies worth 35 billion won ($32 million) was stolen through late night yesterday (Tuesday) to early morning today," the exchange said in a statement.

All deposits and withdrawals were suspended indefinitely to "ensure security", it said, adding the losses would be covered from the firm's own reserves.

It was the second major attack on South Korean exchanges in just 10 days, after hackers stole 40 billion won from Seoul-based Coinrail, which suspended withdrawal and deposits services since then.


Explore further

Bitcoin hits 4-month low after currency exchange theft

© 2018 AFP

Citation: Hackers steal $30m from top Seoul bitcoin exchange (2018, June 20) retrieved 26 May 2019 from https://phys.org/news/2018-06-hackers-30m-seoul-bitcoin-exchange.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
14 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more