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Theft at the South Korean Exchange Led Bitcoin and Ripple to Shrink

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Theft at the South Korean Exchange Led Bitcoin and Ripple to Shrink
Aditi Jain - 22 June 2018

Crypto currencies shaved off as much as 2% after hackers stole $32 million from the South Korean Bitcoin Exchange, as reported by a victim of the theft, refurbishing concerns on the safety of digital-asset trading venues.

According to Bithumb, which has been ranked No. 7 globally by traded value on Coinmarketcap.com, the hackers who stole the currency, had also taken crypto currency Ripple in the whole robbery.

Bitcoin, the largest crypto currency which is available in five countries across the globe, has dropped by as much as 2% and was trading at $6,588 in Hong Kong. This led to a decline in people’s wealththis yearto 54%. Ripple, Ethereum, and Litecoin have also whacked along with some Asia-listed stocks in the domain of digital currencies.

Enthusiasm for virtual currencies has dwindled partly this year because of cyberheists, involving the theft of nearly $500 million from Japanese exchange Coincheck Inc. in late January.

Though the recent news of theft from the Korean exchange weighed on people’s sentiment, buyers were dealing with a lot of rough time right now in terms of economic loss.

The fever of crypto currencies spread all over the globe last year, but was somehow intense in South Korea. With the intervention of Bitcoin prices in the country, at one point the level of wealth was reaching a premium of 50% over those in America.

With the crackdown at the South Korean exchange, the country is still among the most active nations in the world XXX. So, the country’s policymakers are fighting with the government to allow them for operating local exchanges under high supervision.

Bithumb reported that a case has been filed with the Korea Internet & Security Agency against the theft and the matter is under investigation.

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