It's fascinating how thousands of cryptocurrencies store their funds in third-party custodial wallets, which have been proved vulnerable by a series of hacks in last few years.
The slight recovery made by Bitcoin was definitely as a result of the Bithumb hack, which instantly ended the corrective rally of the cryptocurrency market and the short-term rally of Bitcoin from $6,300 to $6,700.
"We checked that some of cryptocurrencies valued at about $30,000,000 were stolen". But as Charlie Lee said, "Hopefully Bithumb is able to cover this amount, though $30 million is no small amount".
Their latest post after the theft came into light, mentioned that they are halting all transactions as a matter of increased safety issues for which they are changing their wallet system.
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Apple CEO Tim Cook has been hard at work trying to make peace before the brewing trade war with the USA and China blows up. Pedestrians walk past a stock indicator displaying the closing rate of the Tokyo Stock Exchange in Tokyo on June 19, 2018.
Bitcoin fell by as much as $200 on Wednesday following news of a security breach of South Korea-based exchange Bithumb. Bithumb, the world's seventh largest cryptocurrency exchange in terms of 24-hour trade volume, announced in a notice that its hot wallet was hacked between the night of June 19 and the morning hours of June 20. South Korea's Coinrail exchange was the target of the last attack, and shortly after the value of Bitcoin plummeted downward into the mid-$6,000 range. The first one affected a much smaller exchange Coinrail which lost nearly $40 million worth of cryptocurrencies.
Bithumb, the leading cryptocurrency exchange in South Korea, has been hit by hackers, Cointelegraph reported. A single Bitcoin is now valued at roughly $6,700, having rebounded slightly since the Coinrail Bitcoin heist lows.
In order to explain the price recovery of Bitcoin, Magical Crypto Friends' Chikun has pointed to the good news coming from the Tether affair, whose audit appears to go well and without major incidents.
What do you think about these frequent hacks in the cryptocurrency market?