Many crypto-traders and enthusiasts woke up to news of a hack on popular South Korean Exchange, Bithumb. The financial enormity of the hack has been estimated at $30 Million in coins stolen by the hackers. The exchange made the announcement via twitter and said the following:
The exchange would also halt all deposits and withdrawals on the exchange and also convey the same via twitter.
Normal operations are yet to be announce by the exchange as it is requesting users not to deposit any funds to any of the Bithumb wallet addresses.
Observing the time the hack happened and checking the price of Bitcoin (BTC) during the event, we find that the King of Crypto was valued at $6,,700 levels. BTC would then drop to the levels of $6,612 due to the hack. This is a decline of only 1.3%. The King of Crypto is currently trading at $6,671 at the moment of writing this.
This indicates that the hack on Bithumb has not had any adverse effects on Bitcoin. This then translates that the entire crypto market has held steady amidst news of this hack. Checking the total market capitalization, we find that the value currently stands at $285.5 Billion.