Crytocurrency  theft threatens top bitcoin exchange in south Korea

Crytocurrency theft has almost become a norm and trend in our digital society today. And this has threatened the existence of bitcoin and cryptocurrencies, although some financial experts have stated how important it is to invest in these digital currencies.

Bitcoin recorded a value well short of $7,000 last week, and compared to a value well above $12,000 around December last year, it is relatively simple to draw a conclusion that it is having a hard time in the market these days and its value might continue to depreciate. And among the the factors contributing to this is theft and except something is done fast, this is trend might cause the annihilation and extinction of Bitcoin and other cryptocurrencies.

A non theft-free system for the transfer of bitcoin from one person to another makes buying it very risky as one can loose their investment. Take a look at the Bithumb situation.

One of South Korea’s biggest bitcoin exchanges; Bithumb, on Wednesday said that more than $30 million worth of cryptocurrencies have been stolen from it.

Bithumb, an exchange based in Seoul, said in a notice on its website that all customer deposits and withdrawals have been suspended while it reviews the situation.

The notice didn’t say how the theft of 35 billion won ($32 million) worth of cryptocurrencies occurred or which ones were taken.

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.”

Bithumb said it will announce further information in due course.

It’s the latest in a series of thefts reported by cryptocurrency exchanges in recent months.

Just last week, another cryptocurrency exchange in South Korea, Coinrail, said hackers stole about 30% of its virtual currencies.

South Korea emerged last year as one of the world’s major markets for trading in bitcoin and other virtual currencies.


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