Approximately $13 million was stolen in EOS cryptocurrency from the South Korean crypto exchange Bithumb. It was suspected to be an insider job. Bithumb Exchange lost 13 million in EOS hack.
On Friday, March 29, at 22:00 Korean time (13:00 UTC) was when the company first spotted an “abnormal withdrawal” of the cryptocurrency. It was through its monitoring system. The exchange suspended asset withdrawals and deposits on the platform after noticing the breach.
In a statement Bithumb said:
“All the [stolen] cryptocurrency is owned by the company, and all members’ assets are under the protection of a cold wallet.”
Through a series of transactions, the exchange was hacked for a total of 3.07 million EOS. This which was withdrawn from the exchange’s “hot” (internet connected) wallet.
As no evidence of external exploit was found, the company said in its statement, that it suspects the hack was conducted by an insider. Bithumb Exchange lost 13 million in EOS hack.
Bithumb notified government agencies and began an internal investigation. Also, it is working with major exchanges with the expectation of recovering some of the funds.
Until the manner of the breach has been identified and any vulnerabilities fixed, the remaining assets in Bithumb’s hot wallet were removed to its cold (offline) wallet to prevent further losses.
The exchange experienced an initial loss of 2,016 bitcoin, 2,219 ether, and other coins, when it was hacked last year. Thus, totaling about $30 million-worth of cryptocurrencies. Bithumb later claimed to have retrieved $14 million worth of it.