Bithumb, one of the largest cryptocurrency exchange in South Korea by trading volume, is halting asset deposit and withdrawal services after a hack that has stolen 35 billion won (or $31 million) worth of cryptos from the platform.
The company said in an announcement today that the hack happened since late Tuesday night until early Wednesday morning Korean time.
Though Bithumb has yet to disclose which cryptocurrency or in what amount had been damaged, it said in the announcement that the loss will be covered by the platform.
As of press time, Bithumb is seeing over $300 million 24-hour trading volume on its platform, making it currently the sixth largest exchange in the world, data from CoinMarketCap shows.
As previously reported by CoinDesk, Coinrail, a smaller cryptocurrency exchange in the country also reported that it was hacked on June 10.
Following the announcement by South Korean crypto exchange Coinrail that it has been hacked, a local publication reported that some banks had identified suspicious transactions at the exchange and stopped providing services to company months before the incident.
South Korea moved to tighten rules for cryptocurrency platforms after a major breach at Upbit that sent shockwaves through the local market and government halls. Related Reading: Trump’s New Security Strategy Leaves Crypto And Blockchain Out Government Pushes Bank-Level Rules According to government and industry reports, the Upbit breach on November 27, 2025 involved the […]
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