Another Huge Cryptocurrency Exchange Hack!!!

It is becoming very normal from past few months that every month one or two crypto exchange are getting hacked and millions of dollars of cryptocurrencies are getting stolen. the latest to the list is Bithumb, the 6th largest exchange in the world in terms of volume. This news has affected the market and the prices of al major cryptocurrencies closed the day in a downtrend.

The hack is supposed to be of around $31 million. However, the company hasn't made any official statement yet. Bithumb suspended the deposit and withdrawal of all assets. In response, the company said piracy occurred on Tuesday night and Wednesday morning. Although Bithumb does not reveal the actual amount of cryptocurrency stolen but has ensured that all the users who have lost their funds will be refunded by the company. The remaining assets have been moved to a cold storage wallet to secure remaining funds.

Earlier this month Coinrail, also a Korean exchange was in the spotlight for a hack of around $37 million. All these hacks on the centralized exchanges are really making all the crypto community to think that how much they can trust on these centralized exchanges for storing their funds on these exchanges. This is arising a great need of decentralized exchanges for people where there is no need to store funds on exchange and just trade by having all the assets in your own wallet.