Hackers Attack Korean Bitcoin Exchange

PaulRubens - July 5, 2017 - 08:41 AM

Hackers Attack Korean Bitcoin Exchange

Customer are facing heavy losses after hackers targeted the Bithumb cryptocurrency exchange.

(CCM) — At least one South Korean Bitcoin user may have lost over $1 million after the country's largest cryptocurrency exchange came under attack from hackers, according to a BBC report. The Bithumb exchange is the fifth largest Bitcoin exchange in the world, and it has admitted that over 30,000 customers' personal details have been stolen after one of its employee's computers was attacked at his home. The attack took place in February, but was only discovered on June 29, 2017, according to the report.

When Bithump announced the security breach, it said that customer passwords had not been leaked, but the BBC says that many customers fell victim to the hackers after receiving calls and texts in June that tricked them into divulging confidential authentication codes for their accounts.

The exchange has so far offered to compensated customers who have lost money up to a limit of just $86, although this amount will be increased once it has verified individual losses. But it is not yet clear if all customers will be compensated for the full amount of their losses.

The value of the Bitcoin crypto currency has boomed since the start of 2017, gaining over 160% in the first half of the year. Ethereum, another popular cryptocurrency, has surged nearly 4000% this year.

Image: © vonDUCK - Shutterstock.com

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