Hackers have stolen cryptocurrencies worth $30 million from South Korea’s leading virtual currency exchange Bithumb, reported June 19. As a result all deposits and payments have been temporarily suspended.

— Bithumb (@BithumbOfficial) June 20, 2018

 

Bitthumb announced that it will compensate all users who were affected by the hack. All assets will now be moved to a cold wallet in order to prevent further hacks.

The exchange has moved a large amount of Ethereum to its cold wallet once they noticed an abnormal amount of access to their exchange.

According to resident officials from the Sentinel Protocol, a project which specializes in hacking, scams, and fraud detections, was the first to report that the company’s wallet was hacked on June 19. Some of the coins stolen included Ripple.

Earlier in the month, hackers had stolen $37 million worth of cryptocurrency from another South Korean cryptocurrency exchange, Coinrail. While Coinrail is only ranked 99th of the largest cryptocurrency exchanges in the world in terms of trade volume, the media claimed that the hack was partially responsible for the cryptocurrency market crash as of late.

Joseph Young, a cryptocurrency industry journalist, stated..

The WSJ (Wall Street Journal) believes that Bitcoin price fell 11% because they rather small cryptocurrency exchange in South Korea was hacked. Bitcoin fell because people sold and not enough other traders were willing to buy. This was not due to a small hack.