BTCITCOIN was dealt another blow last night after South Korean cryptocurrency exchange Bithumb said $31.5 million was stolen by hackers causing the principle coin to fall from $6,742 to $6,562.
South Korean exchange Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”
The exchange, thas now moved “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet, adding that customers affected would be fully compensated.
Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.
He said: “No security measures or regulations can 100 percent guarantee safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target."
Read more, https://www.express.co.uk/finance/city/976816/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news
South Korean exchange Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”
The exchange, thas now moved “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet, adding that customers affected would be fully compensated.
Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.
He said: “No security measures or regulations can 100 percent guarantee safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target."
Read more, https://www.express.co.uk/finance/city/976816/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news
It is set to fall? Is it Bitcoin's fault that they have hired incompetent people to handle their business. You don't sleep just because your business is online and third party security services tasked to protect your web application service says that they will provide top notch service. That is a very stupid procedure in running a business. This is the classic case of what I have just illustrated. You may have the best application service in the world but if all you do is ignore cyber security don't blame Bitcoin.
