South Korean Crypto Exchange Bithumb Lost 25 Billion

On Wednesday a major South Korean cryptocurrency exchange announced that US$31 million (1 billion baht) cost of virtual currencies have been hijacked by hackers, a most recent in the series of last hacks that raised  concerns regarding security.

South Korea’s second-largest exchange Bithumb said that cyber-attacks from late Tuesday night to Wednesday morning brought to the loss of 35 billion worth of cryptocurrencies.

The Bithumb robbery underlines the security risks and the not strong regulation of worldwide cryptocurrency markets. Policymakers and strategists all over the world have altered investors to be careful in selling the digital currency, taking into attention the absence of common regulatory supervision.

Bithumb indicated that it has paused trading and exchanging cryptocurrencies to Korean won after the hacking.

It did not mention which types of coins were lost. The company pledged it would do everything to compensate the loss.

It is the latest cycles of cyberattacks on crypto exchanges that have caused questions for investors regarding the security of cryptos. Previously this month, a small exchange in South Korea called Coinrail was hacked and according to the reports it lost coins worth $37 million.

Strengthening the security on crypto exchanges will be a decision in gaining  confidence in the highly uncontrollable sector that has risen as one of the demanded investment areas.