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South Korean Crypto Exchange Lost $32M in Hack

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South Korean cryptocurrency exchange Bithumb said 35 billion won ($31.5 million) worth of virtual coins were stolen by hackers, as cyber thieves exposed the high risks of trading the digital asset.

Cryptocurrency prices fall after the second South Korean exchange became the victim of a theft, renewing concerns about the safety of digital-asset trading venues.

Bithumb is one of the top ten exchanges worldwide by volume of Bitcoin and Ethereum trades, said that hackers stole about 35 billion won ($32 million). The exchange has since suspended all cryptocurrency deposits and withdrawals. It said compensation will be made to the victims and moved investor assets to a cold wallet.

Enthusiasm for virtual currencies has waned this year partly due to a string of cyber heists, including the nearly $500 million theft from Japanese exchange Coincheck Inc earlier in January.

Security Risks and Regulations

In January, South Korea banned the use of anonymous bank accounts for virtual coin trading to stop cryptocurrencies being used in money laundering and other crimes.

The Bithumb theft highlights the security risks and the weak regulation of global cryptocurrency markets. Global policy-makers have warned investors to be cautious while trading digital currencies.

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