A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, January 11, 2018.

Hackers stole $31.5 million from a South Korean cryptocurrency exchange

$31.5 million

Bithumb, one of the world’s largest cryptocurrency exchanges, recently disclosed a 35 billion won ($31.5 million) loss due to cyber theft.

Published   |  Photo by Reuters/Kim Hong-Ji
A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, January 11, 2018.
$31.5 million

The South Korean company stopped trading on Wednesday, and moved its remaining assets offline. Bithumb confirmed affected customers would be fully compensated.

A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, January 11, 2018.
$31.5 million

Although the Korea Blockchain Association called the theft an “embarrassing” event, the group said accepting responsibility would ultimately be a positive look.

A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, January 11, 2018.
$31.5 million

Daily trading volume of Bithumb’s top six currencies

A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, January 11, 2018.
$31.5 million

Bithumb may recover some of the funding, but the second attack on a South Korean crypto exchange in a week underscores the vulnerability of digital assets.

A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, January 11, 2018.
$31.5 million

Bitcoin dipped slightly amid renewed fears of risky crypto investments, but ultimately held steady.

A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, January 11, 2018.
$31.5 million

Some say the hack is just further proof bitcoin isn’t ready for primetime. Others say that it actually proves the crypto market is more than capable of handling a short-term crisis.

A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, January 11, 2018.
$31.5 million

Bitcoin price in 2018

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