One of the largest Korean crypto currency exchange Bithumb has been hacked few hours ago and over $30,000,000 was stolen by the hackers. Exchange has already stopped the deposits and withdrawals as soon as they came to know about this incident to avoid further losses. Market has taken a dip after this news and total market cap is already broken by $10,000,000,000.
Source of the news: https://www.newsbtc.com/2018/06/20/breaking-news-bithumb-hacked-for-30-million-in-cryptocurrencies-market-drops/
This is the second incident in the Korean exchange. Recently one more Korean exchange Coinrail was hacked and market took sudden dip due to this news. Even though Coinrail was not that much popular exchange still market went into trouble. But Bithumb is well known exchange and it is interesting to see where the market will stop and more buying opportunities will be created.
Yes, @lets-steemit, security is a major issue. Everywhere ...
I would encourage you or anyone to contrast this centralized exchange (CEX) with Binance, which also went through a major security breach incident recently.
The difference? The design of the Binance exchange alerted them quickly and steps were taken to thwart the "attackers" minimizing the damage done. Not "bulletproof" granted, but better than Bithumb ...
Also, BitShares has a whole decentralized exchange (DEX), built into its wallet. I have successfully used it a number of times. Fast, much cheaper fee structure than any CEX I am aware of ... 👍
You and your readers may wish to check into these options.
Steemin’ along and on the move ... Posted using Partiko Android
Very well said @roleerob. Exchanges have to take care of the security first which forms the basic customer base.
We're in agreement @lets-steemit. I'd suggest, if they can't even get the "take care of your customer" part right, what confidence should we then have in the rest of their "value proposition" ...
Thanks for writing this @lets-steemit. Keep posting! 👍
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Thank you for your valuable comment.@roleerob
bithumb Crypto exchange having very good reputation amongst the top 10 cryptocurrency exchanges.
the security is major issue and all exchanges have to work on it.
let's hope and pray for those who having their money on bithumb cryptocurrency exchange.
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