There have been rumors swirling social media of the South Korean exchange Bithumb being hacked after the exchange’s official Twitter announced on June 16th they would be transferring all assets to their cold wallet to build up the security system and upgrade the database. While the exchange stayed quiet the following days, they have just announced that their systems have been compromised and over $30,000,000 worth of cryptocurrencies have been stolen.
*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
With out giving further details about the theft, Bithumb has suspended all deposits and withdrawals until further notice. The exchange also stated that all stolen cryptocurrencies will be covered, so one can assume any funds left on the exchange are safe or will be reimbursed.
Bithumb is the largest cryptocurrency exchange in South Korea and ranked 5 globally with daily trading volume of over $700 million. The company is said to have over 6 billion in reserves that is kept in 12 different cryptocurrencies so covering stolen funds should not be a problem.
*Update: Bithumb had originally tweeted that $30,000,000 worth of crypto was stolen and would be covered by Bithumb. They have since deleted the tweet. When asked why the tweet was deleted, their support account responded that compensation will be given, the process just has to be more regulated. At this time, deposits and withdrawals are still down.
We are providing compensation, it just has to be a more regulated process.
— Bithumb Support (@BithumbSupport) June 20, 2018