Crypto Exchange Bithumb Hacked for $13 Million in Suspected Insider Job

South Korean crypto exchange Bithumb has had around $13 million in the EOS cryptocurrency stolen in a hack it suspects was an insider job.

The company confirmed in statement on Saturday that it first spotted an “abnormal withdrawal” of the cryptocurrency through its monitoring system at 22:00 Korean time (13:00 UTC) on Friday, March 29.

The exchange suspended asset withdrawals and deposits on the platform after noticing the breach.

Bithumb stated:

“All the [stolen] cryptocurrency is owned by the company, and all members’ assets are under the protection of a cold wallet.”

According to a report from CoinDesk Korea, the exchange was hacked for a total of 3.07 million EOS, which was withdrawn from the exchange’s “hot” (internet connected) wallet through a series of transactions.

Based on the data from CoinMarketCap, EOS is currently trading at $4.22, making the total value of the coins lost around $13 million.

The company said in its statement that it suspects the hack was conducted by an insider, since no evidence of external exploit has been found.

Bithumb has already notified government agencies and is conducting an internal investigation. It said it’s also working with major exchanges with the expectation of recovering some of the funds.

Additionally, the remaining assets in Bithumb’s hot wallet have been removed to its cold (offline) wallet to prevent further losses until the manner of the breach has been identified and any vulnerabilities fixed.

According to CoinDesk Korea, Lee Sang Sun, described as one of the only EOS arbitrators in South Korea, said, “Overseas exchanges such as Bitfinex manage their EOS wallets with a multisig system, but Bithumb managed its with a single key.” However, this detail is not confirmed at press time.

The news comes nearly a year after Bithumb was hacked for some $30 million-worth of cryptocurrencies. The exchange experienced an initial loss of 2,016 bitcoin, 2,219 ether and other coins, but later claimed to have retrieved $14 million-worth of the hacked funds.

Editor’s note: Some statements were translated from Korean.

Bithumb image via Shutterstock

Author: Wolfie Zhao

Source link

Related posts

21 Thoughts to “Crypto Exchange Bithumb Hacked for $13 Million in Suspected Insider Job”

  1. When visiting blogs, i usually discover a very good content like yours

  2. As a website developer I believe the material here is truly awesome, regards.

  3. Ahaa, its fastidious conversation concerning this article at this place at this web site,
    I have read all that, so at this time me also commenting at
    this place.

  4. This information is magnificent. I understand and respect your clear-cut points. I am impressed with your writing style and how well you express your thoughts.

  5. The article posted was very informative and useful. You people are doing a great job. Keep going.

  6. I cannot thank you enough for the post.Really looking forward to reading more. Want more.

  7. You are a very persuasive writer. I can see this in your article. You have a way of writing compelling information that sparks much interest.

  8. When someone writes an paragraph he/she keeps the
    image of a user in his/her brain that how a user can understand it.
    So that’s why this paragraph is great. Thanks!

  9. Hey there! I just wanted to ask if you ever have any trouble with hackers?
    My last blog (wordpress) was hacked and I ended up losing months of hard work due to no back up.

    Do you have any methods to stop hackers?

  10. I loved as much as you’ll receive carried out
    right here. The sketch is tasteful, your authored subject matter stylish.
    nonetheless, you command get got an shakiness over that you wish be delivering the following.

    unwell unquestionably come further formerly again as exactly the same nearly
    very often inside case you shield this increase.

  11. Yes! Finally something about gamefly free trial.

  12. Hey there! Do you know if they make any plugins to safeguard against hackers?
    I’m kinda paranoid about losing everything I’ve
    worked hard on. Any recommendations?

  13. Because the admin of this web site is working, no doubt very shortly it will be famous, due to its
    quality contents.

  14. Hey there! This is my first visit to your blog!
    We are a group of volunteers and starting a new initiative
    in a community in the same niche. Your blog provided us useful information to work on. You have done a extraordinary job!

  15. I got this web page from my buddy who shared with me about this site and now this time I am
    browsing this web page and reading very informative articles or reviews at
    this place.

  16. It’s really very difficult in this busy life to listen news on Television, therefore I simply use world
    wide web for that purpose, and obtain the latest information.

  17. Hi, i think that i noticed you visited my web site so
    i got here to go back the favor?.I’m attempting to to find issues to enhance
    my site!I suppose its ok to make use of some of your ideas!!

  18. Thank you for the auspicious writeup. It in fact was a amusement
    account it. Look advanced to more added agreeable from you!
    However, how could we communicate?

  19. I always emailed this web site post page to all my associates,
    as if like to read it then my links will too.

  20. An impressive share! I have just forwarded this onto a friend who
    had been conducting a little research on this.
    And he actually ordered me lunch due to the fact that I found it for him…
    lol. So allow me to reword this…. Thank YOU for the meal!!
    But yeah, thanx for spending the time to discuss this matter here
    on your website.

  21. I love your blog.. very nice colors & theme.
    Did you design this website yourself or did you hire someone to do it for you?
    Plz reply as I’m looking to create my own blog and would like to know where u got
    this from. cheers

Leave a Comment