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British MPs have been assured by the country’s Bitcoin website operators that consumers’ crypto assets are secure after security concerns were raised by members of a parliamentary committee.CryptoUK Answers MPs Questions
The concerns follow the recent hack at South Korean crypto exchange Bithumb, reported on yesterday. According to the report, thieves were able to steal $32 million in cryptocurrencies after the exchange changed its wallet service. A source from the report believes that the crypto assets were stored in hot wallets, making them more susceptible to hacking attempts. Bithumb has said that it will reimburse customers’ lost assets.
However, CryptoUK, the self-regulatory body that represents many of the websites were digital currencies can be bought and sold, answered concerns raised by MPs on the U.K.’s Treasury Select Committee. Iqbal Gandham, the chairman of CryptoUK, explained that it required 90 percent of crypto assets to be stored in cold wallets, reports The Telegraph. He added:
Security is improving.