Another day another story as Korean major cryptocurrency exchange bithumbs joins the league of those who have lost crypto that worth millions of dollars.
The South Korean largest crypto exchange announced on its website that between Tuesday evening and Wednesday morning, Korean time, 35 billion won (about 31.5 million USD) worth of cryptocurrencies vanished.
Few weeks ago, Coinrail, South Korea’s seventh-largest cryptocurrency exchange, announced that it was hacked, losing between $37.2 and $40 million in altcoins, according to local media. And now Bithumb is the second Korean exchange targeted by cyber thieves in less than two weeks.
Below was what Bithumb tweeted this morning.,
The crypto exchange has since apologized for the incident, asking its customers “not to deposit any funds into Bithumbs wallet addresses.” This second attack in less than a month highlights the vulnerabilities faced by cryptocurrency exchanges. Or what do you think?
Well, Bithumb told Yonhap News that “The loss will be compensated by their own reservoir.” Attacks on exchange platforms are becoming popular and it seems nowhere is safe to keep your crypto wealth. However if you follow best crypto security practices you might just be safe. Alternatively don’t keep large numbers of crypto wealth in exchange platforms, get hardware wallets or store your crypto in non exchange wallets.