Cyber Thieves Steal $31.5 Million From South Korean Crypto Exchange

South Korean cryptocurrency exchange Bithumb became the second local exchange which was targeted in just a week’s span, as the cyber thieves managed to steal 35 billion won ($31.5 million).

“Some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today,” Bithumb announced in a notice on its website as it stopped all trading operations.

The exchange, the sixth busiest in the world, said it had stored “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet. It added that the company would fully compensate customers.

The latest theft attempt highlights on the already criticized weak regulations and of the global cryptocurrency markets and the security risks it has.

Mun Chong-hyun, chief analyst at ESTsecurity, said digital coins would continue to be juicy targets for hackers around the world.

In Ho, a professor at Korea University’s Blockchain Research Institute, said the stolen coins were most likely to be from the more insecure ‘hot wallets.’

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