Enthusiasm for virtual currencies has waned this year partly due to a string of cyber heists, including the almost $500 million theft from Japanese exchange Coincheck Inc.in late January.
Unlike Coinrail, which lost more than $40 million in altcoins when it suffered an attack, Bithumb is one of the biggest exchanges-according to CoinMarketCap data, it's the world's sixth largest cryptocurrency exchange. Apparently, there was another tweet that did mention that $30 million had been stolen, but that tweet appears to have been deleted.
For now, Bithumb is moving the remainder of its funds into a cold wallet to avoid further risk. This decision was due to some unusual activity regarding unauthorized access to its online wallets.
It added that the company would fully compensate customers. The exchange service also began to move all coins stored in online wallets to more secure offline wallets to prevent more theft.
At press time, Bithumb is now trading over $364 million in 24-hour trading volume, according to data from Coinmarketcap.
The hack marks the second incident in less than two weeks in South Korea. This time, it was Coinrail, a relatively smaller exchange service.
News of the theft at the exchange hit the prices of cryptocurrencies. Thus, some experts declared that the hack was responsible for the decline.
Bithumb has quickly established itself as one of the fastest-growing trading platforms in South Korea - a country that has become a major hub for cryptocurrency traders in recent months.
In its announcement, Bithumb didn't disclose the exact details of the coins that were affected in the hack and in what quantities.
Bitcoin price breaks above $6,700, $6,800 is within reach in the short-term. However, since the news of the hack emerged, Bitcoin dropped $200, eroding all the gains of the past few days.