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The incident comes just over a week after another South Korean crypto-currency exchange, Coinrail, reported that it had been the victim of a separate attack in which hackers had stolen 40bn won worth of virtual coins.

A temporary notice (that has since been removed from the Bithumb website) announced a halt in trading after the exchange revealed that "some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today".

Just weeks after Korean crypto exchange Coinrail lost $40 million through an alleged hack, another in the crypto-mad country - Bithumb - has claimed hackers made off with over $30 million in cryptocurrency. The trading volume of Bithumb is roughly $398 million, according to an index by CoinMarketCap.

Do you think the Bithumb hack will cause a massive dip in the prices of cryptocurrencies?

The operator announced on Twitter that the stolen coins would be covered from Bithumb's own reserves and that all users' assets are being transferred to safer "cold wallet".

Bithumb is the second South Korean exchange to be hacked in the last month. This second attack in less than a month highlights the vulnerabilities faced by cryptocurrency exchanges. The exchange service also began to move all coins stored in online wallets to more secure offline wallets to prevent more theft.

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. But, the attack has yet again spurned questions of security and regulation amongst these giant exchanges. "Bithumb urgently asks our valuable customers not to deposit any funds into Bithumb wallet addresses for the time being", the company said in a Tweet.

Thursday, the Bithumb team officially confirmed that it has lost $30 million in its hacking attack and its developers and security team have started the recovery process of customer assets. Bithumb has annual profits of around $300 million, so the Bithumb hack shouldn't threaten their long-term survival. This is likely due, in part, to Bithumb's consolidation of its hot wallet inventory to prevent further loss.


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