Bitcoin, the largest cryptocurrency, dropped as much as 2 percent and was trading at $6,598 as of 10:06 a.m.in Hong Kong, bringing this year's decline to 54 percent, according to Bloomberg composite pricing.
On June 11, another South Korean cryptocurrency exchange Coinrail said it was hacked. To further mitigate risk, Bithumb has announced that all deposits and withdrawals will be stopped until further notice, allowing Bithumb to get its security systems back under control. But, the last time the story was different when tens of millions of South Korean Won were lost due to an employee's compromised computer.
On June 20, Bithumb had retracted its announcement that $30 million was hacked from its exchange, leading investors to panic.
Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being. Bithumb said its cryptocurrency holdings were shifted to an offline "cold wallet", and any losses for traders would be covered.
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The earlier hack had coincided with other related negative news about price manipulation and regulations.
Last week the company carried out a security upgrade to its database and transferred some of its cryptocurrency assets to storage systems which are not connected to the internet.
In its announcement, Bithumb didn't disclose the exact details of the coins that were affected in the hack and in what quantities.
Bithumb have confirmed that all lost crypto will be compensated by its own reserve funds, however, the wallet system now in place will be revamped to offer greater security going forward.
"It was the hot wallet that was hacked, so we are uncertain at this point whether the stolen cryptocurrencies are our customers' or the company's", a Bithumb spokesperson explained.
Bitcoin was 1.9 percent lower at $6,607.00.