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The sixth largest cryptocurrency exchange in the world was hacked from late 19th to early morning of 20th June. Losses have reached 35 billion worth cryptocurrencies.

Bithumb has made the official announcement this morning via its website. According to it, the hack occurred this night and led to a loss of 35 billion KRW (or $ 31 million). Even though the South Korean crypto exchange did not specify what cryptocurrency was targeted and how much it was affected, Bithumb claimed the losses would be borne by the company.

This loss will be compensated by Bithumb’s own reservoir, and all of our assets are secretly saved in Bithumb’s cold wallet.”

Bithumb moved other crypto assets to a secure cold wallet

Until the case is fully investigated, Bithumb has secured its other cryptocurrencies by moving them to an offline wallet that cannot be accessed via the internet. Users are asked to “immediately discontinue depositing cryptocurrencies until further notice.”

Due to system verification, deposit and withdrawals are suspended “for time and services are carefully reviewed“. Users are also asked to ensure that their login passwords are returned by their companies so that the crypto exchange will confirm the transfer of cryptocurrencies to a secure wallet.

We will keep you informed of details such as schedule of resumption of withdrawal service. I sincerely apologize for any inconvenience you may have experienced. However, we will make every effort to reopen the service as soon as possible, with the ultimate goal of protecting your assets,” according to Bithumb’s Press Release.

Our priority is to secure our customers’ assets at all times, and we will continue to service our customers,” the company concluded.

According to CoinMarketCap, Bithumb reaches $ 394,216,327 in 24-hour trading volume, making it one of the world’s largest cryptocurrency trading platforms.

This is the second case of its kind in the last two weeks in South Korea. The first hack took place on June 10 on crypto exchange Coinrail.

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