Bithumb Says They Lost $30 mil. Worth of Crypto


On June 20th, at about 3 am UTC, Bithumb announced a notice for Twitter subscribers explaining that the reason behind the suspension of deposit and withdrawals is because they noticed $30 mil to be missing from the exchange.

They assured everyone that Bithumb would cover all expenses and affected users will be fully refunded.

Then this tweet got deleted

In a strange behavior pattern, the above-featured tweet was removed from the exchange’s Twitter feed, and replaced by two other posts, none of them directly talking about the hack.

The first one was to give an announcement about temporarily stopping the service, on the premise that they are taking care of their security and evaluating the situation.

*All deposit and withdrawal service will be stopped to make sure the security. We will keep notice you of the restart of the service. We apologize for your inconvenience and thanks for your understanding.

— Bithumb (@BithumbOfficial) June 20, 2018

The second post asks customers not to deposit into any Bithumb wallet addresses, and also redirect us to a page on their website where they explain the situation found in the first tweet of this news update in more detail.

Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being.


— Bithumb (@BithumbOfficial) June 20, 2018

They explain that they have noticed 35 Billion KRW (South Korean Won) missing from their accounts over the course of 19th June late evening and 20th June early morning (UTC Time).

Losses will be compensated by the exchange

In this update, Bithumb is explaining that they will indeed cover all losses that have been made as a result of this loss. It is still unclear whether this is due to bad management of funds or whether the platform was compromised.


Featured Image via Bithumb.

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