The sixth largest crypto trading platform might provide compensation for the same, but when it might start occurring is still unknown. The trading volume of Bithumb is roughly $398 million, according to an index by CoinMarketCap.
Bithumb has requested all their investors to kindly discontinue depositing cryptocurrencies immediately until any further notice issued by them.
The attack on the South Korea-based exchange, Bithumb, was smaller in value than some of the biggest hacks on cryptocurrencies. "However, this loss will be compensated by Bithumb's own reservoir, and all assets of our customers are securely saved in Bithumb's cold wallet, hence all asset is completely safe and secured".
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It has also assured its clients that the rest of the assets are being transferred to a cold wallet. He said: It's not the first time a cryptocurrency exchange is being hacked and users losing assets worth millions of dollars.
In January, Quartz reported that Bithumb had already suspected North Korean hackers were planning to attack its funds. Although Bithumb still hasn't revealed which cryptocurrencies were affected by this hack, they assured that all the losses from the theft will be reimbursed from the reserves of the exchange.
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Just 12 minutes after they suspended their deposit system, they announced that they were going to suspend all deposit and withdrawal services due to an over $30 million hack from wallets.
Earlier this month, the minor exchange Coinrail said it was hacked and lost digital money worth around 40 billion won. The exchange service also began to move all coins stored in online wallets to more secure offline wallets to prevent more theft. The attackers supposedly hit the company sometime between "late [Tuesday night] and early [Wednesday]", taking off with millions worth of crypto coins, including Ripple. As I've said many times, be smart and only keep on exchange coins that you are actively trading. Within half an hour from the announcement, Bithumb's prices and total market cap dropped down by 2 percent.
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