Bithumb, one of the largest exchanges in Asia, just broke the news that it has been hacked, with the hackers reportedly stealing over $30 million worth of cryptocurrencies.

Bithumb Wallet Change Backfires

At 12:49 UTC on June 19th, Bithumb announced that they would be temporarily suspending deposits due to a change in wallets with their exchange service. Although a change in the wallet system may be a security improvement for some exchanges, it ended up backfiring, resulting in an unexpected cryptocurrency hack.

Just 12 minutes after they suspended their deposit system, they announced that they were going to suspend alldeposit and withdrawal services due to an over $30 million hack from wallets. Bithumb said:

[Notice for the suspension of all deposit and withdrawal service]

We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.

— Bithumb (@BithumbOfficial) June 20, 2018

It is great to see that Bithumb had their hands on the trigger in case anything went wrong, quickly moving all assets to cold storage to mitigate any further risk.

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