Top bitcoin exchange says over $30 million in cryptocurrencies stolen

Inside a cryptocurrency mine in South Korea

The exchange said that 35bn won had been stolen by hackers.

South Korea -based cryptocurrency exchange Bithumb said Wednesday it was temporarily suspending deposit and withdrawal services after about $30 million worth of cryptocurrency was stolen. Currently, Bithumb is the world's sixth largest exchange by trade volume, which has halted all type of transactions on the platform-deposits and withdrawals. Bitcoin was up 4 percent to 7.42 million won as of 2:20 p.m. while Etherum was up 5 percent to 591,500 won, according to Bithumb.

As the demand for cryptocurrency and digital has started to increase rapidly and intensify, industry experts and regulators have asked investors to utilize major cryptocurrency exchanges like Bithumb, UPbit, and Korbit to avoid hacking attacks and security breaches.

The exchange said it will compensate the loss from its own funds and that all customers' assets have been "securely saved" in the company's "cold wallet".

South Korean exchange Bithumb has been targeted by hackers for the second time in a year, this time losing over $31m in cryptocurrency. The company has moved all their existing assets at a safe place to a cold wallet which will preserve cryptocurrencies in an offline environment which is inaccessible on the net.

One of the world's biggest bitcoin exchanges on Wednesday said that more than $30 million worth of cryptocurrencies have been stolen from it.

Post this digital blunder, Bithumb followed up in several tweets: [Notice for the temporary suspension of the deposits] Due to the increasing safety issues, we are changing our wallet system.

In each of these hacks, the security shortcomings involve the exchanges' "hot wallets", or wallets that are stored and accessible online. As I've said many times, be smart and only keep on exchange coins that you are actively trading.

Bitcoin was 1.9 percent lower at $6,607.00. The cyber attacks come after a high-profile theft of over half a billion dollars worth of digital currency at Japan's exchange Coincheck earlier this year. According to data from CryptoCompare, the price of Bitcoin wasn't really affected and has maintained a strong resistance point around the $6,570 mark, yet this is still bad news for the entire market.

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