The hacking attack on Bithumb highlights the soundness of the company's cybersecurity.
The Seoul-based operator has temporarily halted all deposit and withdrawal services in the wake of the hacking and asked all customers to refrain from depositing funds into their Bithumb wallet until further notice. Now the world's 6th largest exchange, Bithumb is surely having a tough mid-week as they also requested the customers to stop payments until they are notified of the deposit at the Vittim password exchange address. The bad news is that the hack was successful and the hackers made away with about $31 million in undisclosed coins, however, the exact amount stolen has not been communicated. This decision was due to some unusual activity regarding unauthorized access to its online wallets.
An earlier post on Bithumb's Twitter account reveals that it had announced that a database upgrade was being carried out as part of a security update late last week.
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Bithumb apologized for the incident, asking its customers "not to deposit any fund into Bithumb wallet addresses". Much like Coincheck did after suffering an attack at the start of the year, Bithumb has promised to compensate all losses. Earlier in the month, the significantly smaller exchange Coinrail was also hacked. Bitcoin fell around 2%. Thus, some experts declared that the hack was responsible for the decline.
Bitcoin (virtual currency) coins placed on Dollar banknotes are seen in this illustration picture, November 6, 2017. It says that most of these exchanges have security vulnerabilities, including insufficient network isolation, an absence of monitoring systems for abnormal or suspicious activities, and inadequate cryptographic key and password security management.
Do you think the Bithumb hack spells doom for the coin? If BTC rebounds to $7,000 and breaks a key resistance level at that region, it is possible for BTC to initiate a mid-term rally. Today, the cryptocurrency market added $8 billion to its valuation following Bitcoin's slight gain, recovering from the Bithumb hack within 24 hours.