The hacking that took place on June 2018 of the Bithumb, has been considered to be the sixth largest crypto coin exchange in the world, has just gone unnoticed, despite the tremendous amount that was stolen. It seems the markets did not react or they could have reacted very rapidly as the bitcoin went down by about $200, which bounced back by about $15-170, this is after a press release that guaranteed to cover the losses.

It is understandable to see such behavior in the crypto market since there has been high profile theft that is taking place in the exchanges in the crypto market is a reality. As a result, this does not cause a massive panic in the market when such an event takes place.

According to some estimates that have been found by Ciphertrace, a company that has been designed to specialize on cybersecurity within the blockchain technology, only this year it was able to see theft of about $731 million from the exchanges in the crypto market.

So the losses by Bithumb is just 5% of all the funds that had been stolen from all the previous sources. Most of the reactions in the market depend on the amount that has actually been stolen. So after its very own secure exchange which has been designed as a European fintech company, the Worldcore. They have been able to prepare a study on the five exchanges that have collapsed since 2013.

The ranking from the research that was conducted was based on the amount that was stolen in July 2018 and also at the rate of the month of the current hacking. It goes back to the very first hacking that took place in 2011 June of the users of the Allinvain platform. It is clear that the crypto-coin has become a serious honeypot for the hackers and scammers that are trolling the net.

It was recorded that about 17 million of the XRB/Nano was stolen which is about $200 million at the said time or approximately $40 million by late July. All this took place in very questionable circumstances where the hackers could have been directly or just indirectly involved. All this in an attempt to cover up the previous hack that took place in 2017.

This platform has been considered as one of the major exchanges at the time, which led to the FBI shutting down the platform due to the rising concerns of money laundering taking place. It was found that at least 485,000 ETH was withdrawn which is about $100 million or $230 million now.

It was recorded that approximately 523 million NEM got stolen from one of the exchanges wallets which is about $500 million at the time and $95 million now. It is stated that this is the most massive hack to take place in 2018, to date, and about the second or third in the history of the crypto market.

It was found that about 120,000 Bitcoin got stolen on the platform, this all took place in the multi-signature exchange’s wallet. The amount is equivalent to about $78 million at the time, and now it could be $840 million. With such a big hack the platform did not pay out any compensation to the various users, but instead, it went ahead to issue its own debt token.

It has been considered to the most significant threat in the crypto market having about $425 million that was hacked then, this is 850,000 BTC. As crazy as this figure sounds to convert it to now it is about USD 6.3 billion. It is the platform that was able to host about 80% of the Bitcoin trades that took place at the time it got destroyed.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

189 +