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.
The CEO of a major South Korean P2P lender has been accused of using funds for a construction project to make personal crypto purchases. According to a report by local media outlet NBN Media, an unnamed investor and private equity…
The declaration of Martial law in South Korea on December 3, 2024, caused chaos for crypto exchanges like Upbit and Bithumb. The crypto exchanges experienced downtimes as investors rushed to manage their assets.
Bithumb announced that it will be launching $TRUMP meme coin on its platform with a base price of 53,350 won three days after its official launch. Bithumb, South Korea’s second largest crypto exchange, will launch the official Trump meme coin,…
Bithumb, South Korea’s second largest crypto exchange, is dropping NongHyup Bank in favor of Kookmin Bank as part of its efforts to tap into the mainstream market. According to a report by The Korea Times on Jan. 13, Bithumb will…
South Korea’s Cube Entertainment is under scrutiny after its CEO, Kang Seung-gon, was accused of allegedly misleading investors into a cryptocurrency investment that resulted in significant financial losses.
South Korea considers easing restrictions on corporate crypto trading, with plans to gradually issue real-name accounts to institutional investors. South Korea is set to allow corporations to invest in cryptocurrencies as the Financial Services Commission is considering a gradual approach…
South Korean conglomerate Lotte Group has tapped the Ethereum layer 2 network Arbiturm to enhance its artificial intelligence-driven metaverse platform, Lotte Caliverse. Announced at CES 2025, Arbitrum’s blockchain, with its 250ms block times, is described by Steven Goldfeder, CEO of…
