It was only yesterday when we were talking about the Crypto market recovery. Today, the market has suffered another setback. South-Korean exchange, Bithumb got hacked and allegedly lost 35 billion Korean Won (around $31.5 mn) in the heist. So the markets are especially Bitcoin prices would be struggling again???
For the past few hours, the major cryptocurrencies were recovering from the fall, gaining some momentum to cross the $7,000 mark, the prices were expected to hit the target within a couple of days, but the corrective rally ended abruptly following the attack on the Bithumb exchange.
Alt-coins like Ethos, Polymath, Aion continue the downward trend against BTC and USD. The Bithumb attack triggered the bearish sentiments of the investors in the local market yet again.
Dark days for South-Korea Crypto-market
The South-Korean Crypto-market is facing the darkest times ever, the frequency of the attacks have increased, the exchanges are more alert ever, precautionary measures are taken properly, but even though the attacks never seem to end. Earlier this month the attack on Coinrail which siphoned off over $40 Million, the reason being the exchange being a small one and the scale of operations was also low.
Japan-based Coincheck was the biggest exchange once upon a time, around $530 million was stolen in the form of digital tokens, this has been the largest breach in the history of the exchanges getting hacked, Coincheck faulted in keeping most of their NEM tokens in the hot wallet where it was accessible to the hackers for exploitation.
Although Bithumb has kept most of its tokens in a cold storage, the reason for the exchange was not the victim of a larger attack, depending upon the scale of transactions happening over the exchange, the company dodged a massive potential attack.
A Twitter thread of Bithumb requesting the users not to deposit any funds Image Source: Twitter
Bithumb has terminated the services and is looking up to the matter, taking into consideration that Bithumb has also been previously a victim of an attack, necessary corrective measures have become a must for the platform in order to protect the interest of the investors.
The price of Bitcoin has slumped with the news, but we expect the corrective rally to pick up again as soon as the news fades away. Image Source: CoinMarketCap
Alt-coins followed by Bitcoin has taken a hit in this attack but the corrective rally is also supposed to pick up as soon as the news settles down, or when we hear any news about the recovery of the hack.
Image Source for featured image: businessdailyafrica.com
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