#1 Source for BlockChain News

Category archive

bithumb hack

Bithumb Hack | $14 million worth of BTC, ETH, BCH, and XRP Stolen

Bithumb hack: Last week, the world’s 11th largest cryptocurrency exchange by its 24-hour trade volume, Bithumb, announced that it had been hacked. The initial reports suggested that close to 35 million Korean won ($31 million USD) had been taken from its platform. Several cryptocurrencies were stolen, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH).

The original translated tweet read:

“[Urgent notice] to stop the front of the withdrawal service password please stop the money transfer. Today, about 35 billion in the morning, the size of the password was stolen. Your assets are securely housed in a cold wallet. For the time being, we cease to offer passwords and monetary deposits and withdrawals services.”

In those first reports, it was said that XRP was the targeted cryptocurrency, but the latest discoveries announced this morning say otherwise.

BTC, ETH, BCH, and XRP Compromised

This morning, the Bithumb hack details were brought to light by the exchange.

The announcement translated from Korean to English reads:

“[Announcement] Accident damage Amount and membership compensation information comb Sseomeun June 20, the password-deodorizing damage size was announced in approximately 35 billion. In the future, ongoing damage recovery has been counted as the current amount of damage in approximately 19 billion. For further compensation, please check through the link.”

It seems Ripple (XRP) wasn’t the only cryptocurrency hacked from Bithumb accounts after all. As per the chart above, it seems that Bitcoin (BTC) took the biggest hit.

The coins compromised include:

  • Bitcoin Cash (BCH)
  • Bitcoin (BTC)
  • Aelf (ELF)
  • Ethereum (ETH)
  • Ethos (ETHOS)
  • Golem (GNT)
  • Hshare (HSR)
  • Kyber Networks (KNC)
  • OmiseGo (OMG)
  • VeChain (VEN)
  • Ripple (XRP)

In Bithumb’s announcement via its website, the cryptocurrency exchange states that the main reason for lowering the estimates was due to “ongoing participation, support, and cooperations of the cryptocurrency exchanges and cryptocurrencies [sic] foundations across the world.”

Bithumb asks that its users still refrain from making any deposits at this time. The company will be providing updates on the hack investigations in the near future.

>> Steve Wozniak Compares Blockchain to Dot-com Bubble

Featured Image: Twitter

If You Liked This Article Click To Share

http://platform.twitter.com/widgets.js
!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Charlie Lee On CNBC | Bithumb Hack, Bitcoin Price, & Lightning Network

Charlie Lee on CNBC: Charlie Lee, founder of Litecoin (LTC), chatted with CNBC about the recent Bithumb hack, Bitcoin price, and the Lightning Network.

Charlie Lee on CNBC: Bithumb Hack

The South Korean crypto exchange Bithumb was hacked earlier this week, with a total of USD $30 million in crypto being stolen. It was enough to shift the exchange from its sixth-place ranking for daily trading volume down to seventh. Along with the loss of crypto from the exchange, many cryptocurrencies’ prices plummeted from the resulting panic, including Bitcoin (BTC).

Lee explained that the price drop was to be expected. “It happens all the time,” he said. Crypto is stolen, people get scared, and so people sell, causing crypto prices to drop.

However, Lee argued that Bithumb being hacked – really, any exchange hack – doesn’t change Bitcoin’s core fundamentals. He likened this to a bank robbery:

“It’s like if a bank gets broken in and gold gets stolen, does this affect the price of gold? It shouldn’t. Same with Bitcoin. If the exchange doesn’t protect their coin well enough and gets hacked, it doesn’t really change the fundamentals of the coin that they’re protecting.”

His reasoning comes down to the fact that an exchange hack has more to do with the security of the exchange than it does with the crypto stolen.

Charlie Lee on CNBC: Bitcoin Price

Bitcoin may be dropping since the start of this year, but Lee is adamant that the coin is still “going really well.” He explains that Bitcoin’s network is becoming stronger and that the price of BTC is probably “disjointed from the actual development of Bitcoin.”

He noted that the market is unpredictable and that right now, it’s a bear market with no way of telling how long that will last.

“I’ve been in this space for seven to eight years now and I’ve seen bear markets last three to four years now. So, this one could be a three to four year market or it could recover tomorrow.”

The takeaway here is that it’s more important to pay attention to the developments of crypto projects than their current prices.

He finished by saying, “I have faith that prices will rebound and come back up fairly soon.”

Charlie Lee on CNBC: Lightning Network

Charlie Lee said that the thing he was most excited about currently in the crypto space was the Lightning Network.

“What I’m most excited about is Lightning Network. Technically, Bitcoin has gotten stronger and stronger over the past few years. SegWit has activated, developers are working hard on getting Lightning Network which is the second layer solution for payments working on Bitcoin and Litecoin.”

What did you think of Charlie Lee on CNBC? Do you agree with him?

>> Litecoin Futures Trading: Coming Sooner Than You Think

Featured image: Bitsonline

If You Liked This Article Click To Share

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Bithumb Hacked for Over $31 Million USD – Crypto Market Rebounds – Crypto Currency News

The world’s sixth largest cryptocurrency exchange by daily trade volume, Bithumb, has just been hacked for $31 million. This morning the South Korean exchange announced that hackers had stolen close to 35 million Korean won for its system.

The tweet above has been translated from Korean to English and says:

“[Urgent notice] to stop the front of the withdrawal service password please stop the money transfer. Today, about 35 billion in the morning, the size of the password was stolen. Your assets are securely housed in a cold wallet. For the time being, we cease to offer passwords and monetary deposits and withdrawals services.”

While the $31 million may not seem like such a big deal, compared to the $530 million hack at the Coincheck exchange, it’s still a notable and worrying, incident.

>> Coinbase Index Fund Open

XRP Hacked

The cryptocurrency exchange has yet to release the full details of the hack, but news has emerged that Ripple (XRP) was targeted.

Based on CoinMarketCap, Bithumb accounted for over 10% of the total trade volume of XRP within the last 24 hours. Still, the hack details have yet to be announced officially, so it remains unknown if XRP was the only digital currency compromised – but official details of the hack should surface soon.

Crypto Market Rebound

The cryptocurrency market took a hit when the news broke but it seems to already be rebounding back.

At press time, Bitcoin (BTC) is trading at $6,786 a coin, up 0.11%, in 24 hours. Ethereum (ETH) is currently trading at $539.20 a coin, up 0.54%. The total market cap is sitting just below $300 billion but could break above the mark sometime today.

Featured Image: Unsplash

If You Liked This Article Click To Share

http://platform.twitter.com/widgets.js
!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Go to Top
%d bloggers like this: