Bithumb is one of Asia’s largest crypto exchangers, holding over $360 million in assets.

Today’s crypto exchange hack saw the virtual hackers steal $30 million worth of cryptocurrency from the firm. The company has announced that it will cover all the losses.

Withdrawal and deposit services have been temporarily withdrawn following the attack, and users’ assets have been temporarily transferred to a more secure cold wallet. It’s unknown when Bithumb transactions will begin again.

Bitcoin’s Value following Today’s Crypto Exchange Hack

Although Bitcoin and other cryptocurrencies have yet to completely recover from last week’s crypto exchange hack, they have been looking more steady recently. However, following this morning’s attack, Bitcoin dropped by $200. The current market value is hovering around $6,600.

A Bad Month for Korean Company Bithumb

The news of the crypto exchange hacks comes just two weeks after Korean company Bithumb was hit with a $28 million tax bill. The company was also investigated for tax evasion, but no wrongdoings were found.

In addition to this, the Bithumb crypto exchange hack marks their third attack in just 12 months.

This should prompt the company to take tougher security measures in order to keep their customer’s assets safe.

Advice for Crypto Traders in Korea

Following all the local crypto exchange hacks, cryptocurrencies are being shed in a pretty bad light by the Korean media.

However, we know that this isn’t the full picture. If you are trading crypto, there are measures that you can take to keep your currency safe and secure.

Most importantly, never keep your currency in exchange unless you’re actively trading. As soon as you’ve made your trade, immediately withdraw your coins. Although Korean company Bithumb has agreed to cover the losses from the crypto exchange hack, not all exchange sites would do the same. Keep them where you know they’re safe.

The safest place to keep your coins is in a coin wallet. A cold storage wallet, such as a USB hard drive is the safest place to keep your coins- however, it is more expensive and can be time intensive to use. Alternatively, you can use a hot wallet, such as cloud storage or a mobile app to store your currency. It’s worth bearing in mind, though, that these methods are more vulnerable to attacks.

Most traders keep their currency in a combination of hot and cold wallets. They store large sums of crypto in cold wallets and more accessible amounts in hot storage.

With all the recent crypto exchange hacks that have taken place, it’s time to trade responsibly. We hope that Korean company, Bithumb get more insight into how the attack happened so that other companies can prevent crypto exchange hacks from happening in the future.

The post Another Crypto Exchange Hack Hits South Korea appeared first on Startup Radar.

Bitcoin traders around the world were holding their heads in their hands over the weekend, as the Bitcoin crash dropped the price below $7,000: facing a two-month low. The futile crash occurred after South Korean cryptocurrency exchange site, Coinrail was hacked and lost 30% of the altcoins traded over their platform. The total value of their losses was 40 billion won ($37 million.)

The Korean state police are currently investigating this incident.

Since the start of this year, Bitcoin has now dropped 50%. However, Sunday saw the largest spike of all: with a sudden drop of 10% and over $500 in value in the space of an hour. Other major cryptocurrencies also reported losses.

On Friday the coin was valued at $7,616 and Monday’s low was reported as $6,694. It’s only slightly recovered since.

The Korean state police are currently investigating this incident.

Security and Regulations for Cryptocurrency

It’s worth noting that this isn’t the first crypto hacking attack in South Korea. Another Korean cryptocurrency exchange site, Youbit, lost 20 billion won worth of Bitcoin over the course of 2 attacks in December and April.

All of this leads us to ask the question: do we have strong enough security and regulations in place for cryptocurrency?

In the first quarter of 2018 alone, there were seven global hacks, totaling in total losses of $670 million.

I think it’s fair to say that Bitcoin holders should make sure that they’re taking the necessary precautions to keep their money safe. There also should be tougher regulations for cryptocurrency trading websites.

What the Bitcoin Crash Means for Crypto Traders

Following the crash, many traders are in dismay and worrying about the future of bitcoin. Will the cryptocurrency ever recover? It’s worth bearing in mind that this isn’t the only time that Bitcoin has suffered a crash. Over the past 9 years since its inception, the coin has seen major peaks and drops but has always had a healthy recovery.

Of course, there are people who believe that it’s time for Bitcoin’s bubble to burst. But has that time come so soon? We don’t think so!

For traders, this isn’t a time to panic. This is the time to sit still and hold onto your coins.

Better yet, if you’ve been considering joining the cryptocurrency revolution for a while, now is a great time to buy- but be sensible and don’t buy any more than you’re willing to lose. It might take a while, but we’re confident that there’s only one way that Bitcoin can go after this crash: straight back up again.

The post The Bitcoin Crash: What it Means and How it Happened appeared first on Startup Radar.