South Korean Crypto Exchange Bithumb Hacked, KRW 35 Billion ($31.5 Million) Stolen, Withdrawals and Deposits Suspended

Bithumb, the world's six largest crypto exchange (by trading volume), has been hacked, with 35 billion South Korean Won (around $31.5 million) stolen.

The South Korean exchange announced on its blog around 09:47 (Korean time) Wednesday, 20 June 2018, that it had been hacked sometime between late Tuesday night and early Wednesday morning, and that as a result of this attack, 35 billion South Korean Won, or approximately $31.5 million, was stolen.

It also told its users that all of their cryto assets were being moved to cold (offline) storage for extra security, and that until further notice, all crypto withdrawals and deposits were suspended.

The first indication that something had gone wrong came approximately an hour earlier than the above announcement, when Bithumb posted the following tweet:

It then followed these with two other tweets:

Note that none of these three tweets mentions that Bithumb was hacked. Apparently, there was another tweet that did mention that $30 million had been stolen, but that tweet appears to have been deleted.

This attack on Bithumb comes roughly 10 days after we reported that a smaller South Korean crypto exchange, Coinrail, was hacked.

We will keep you updated as the story develops.

Binance Peer-to-Peer (P2P) Trading Now Available on the Web

Siamak Masnavi

On Friday (February 28), Binance announced that its peer-to-peer (P2P) trading platform is now available on the web.

Binance's P2P platform allows users to buy/sell cryptoassets -- currently, BTC, ETH, BNB, BUSD, and USDT -- directly from/to other users on the platform with zero transaction fees. 

This platform was first launched in October 2019 on Binance's mobile apps. Since then, it has "processed over $300 million in trades, attracting users and merchants worldwide."

Here is what the user interface looks like:

Binance P2P trading .jpg

Binance Co-Founder and CEO Changpeng Zhao (aka "CZ") had this to say:

"P2P trading is a more flexible model for fiat-to-crypto trading and allows users to choose their preferred cryptocurrencies, amount, and payment methods.

"We see its potential to accelerate crypto access and adoption in a decentralized way. By the end of 2020, we plan to provide Binance P2P trading services to users in over 30 countries."

Featured Image and Screenshot Courtesy of Binance