The South Korean Exchange, known as BitThumb has released a notice on the site. They have announced that they are going to stop all of their trading after they found that some cryptocurrencies were worth around $35 billion. They were seized late yesterday and then again earlier on this morning. The exchange has moved all their clients’ money into a very safe wallet. This is going to operate on platforms that are not connected to the internet. They have also added that customers are going to be completely compensated for any money that has gone missing. Mun-Chon-hyun is the chief analyst over at EST Security and he has warned that cryptocurrencies really are a great target for hackers. He has also come out and stated that there are no security measures that are 100% safe. This is especially the case when it comes to virtual coins. The main reason for this is because the coins are not real and the fact that they can actually be held anonymously. To make things even worse, the system that they are in is not very secure and this can make them the ideal choice for hackers. Earlier this month, another South Korean exchange was hacked. This is known as CoinRail. They reported that they lost over $40 million in total and this is not good news for the industry at all.
Ilia Kolochenko who is the CEO of a website security called High Tech-Bridge has told the site that this incident is very unlikely to alter the landscape of the cryptocurrency exchange. She has also come out to say the fact that the victims will be compensated after the breach is great, but this really does raise the question of how practical things are when it comes to the exchange. If you were to have an incredibly thought-out cryptocurrency strategy then this will probably cost way less than the incidents that are happening right now. That being said, things like this will carry on happening if things are not done about this, but there is no telling whether or not any action will be taken as of right now.