South Korean cryptocurrency exchange, Bithumb announced that it was hacked and thieves stole over $30 million worth of cryptocurrencies.

Bithumb announced on June 19, that hackers have stolen $30 million worth of cryptocurrencies due to which all deposits and payments have been suspended temporarily.

*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

Although it is not clear at what time the theft occurred. But soon after the hack, Bithumb suspended deposits and transferred all assets to cold wallets. Therefore, in order to prevent further losses. However, the exchange stated that it will pay damages to users affected by the hack from their own cryptocurrencies.

[Notice for the temporary suspension of the deposits]Due to the increasing safety issues, we are changing our wallet system.

Please do not deposit until we notify.

*All deposits are not deposited into your wallet until all changes are completed. — Bithumb (@BithumbOfficial) June 20, 2018

Moreover, one of the wallets they exchanged to contain malicious code. However, which resulted in loss over $30 million worth of cryptocurrencies. Thereof, until Bithumb get its security systems back under control, all deposits and withdrawals will be not be resumed.

Bithumb is one of the world’s 4th and 2nd South Korea’s largest crypto exchanges. According to Coinmarketcap, its daily trading volume is over $330 million and $30 million hack seems to be a vast sum.

Soon after Bithumb broke the news of hack, founder of Litecoin, Charlie Lee official advised users to hold their cryptocurrencies in personal secured wallets.

Another day, another hack. Hopefully BitThumb is able to cover this amount, though $30MM is not a small amount. As I've said many times, be smart and only keep on exchange coins that you are actively trading. It's best to withdraw right after trading. https://t.co/8YpVcHx8tK — Charlie Lee [LTC⚡] (@SatoshiLite) June 20, 2018

Accordingly, when the news flowed around 1 am UTC on June 20, the crypto market took an immediate hit and bitcoin was falling over $200 within a span of few minutes. At time of writing Bitcoin price was trading at $6,635.66 USD.

Follow us on Social Media- Twitter, Telegram, Linkedin, Instagram, Facebook.