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.

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Binance Futures Launching EOS/USDT Perpetual Contract

On Tuesday (January 7), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a new perpetual contract product -- EOS/USDT -- at 08:00 (UTC) on January 8.

According to Binance's announcement, "to prevent market manipulation, Binance will implement a pricing limit of ±1% on the mark price within the first 30 minutes after trading starts."

Also, it is worth keeping in mind that, as with the XRP/USDT perpetual contract, which was launched yesterday, "perpetual contracts on Binance Futures are similar to the trading pairs on the spot market," and they are "priced and settled in the same manner."

Binance Futures users will be able to choose between 1x and 75x leverage.

Here are the specifications for the contract:

  • Base Asset: EOS
  • Quote Asset: USDT
  • Settlement Asset: USDT
  • Contract Unit: 1 EOS
  • Tick Size: 0.001 USDT
  • Minimum Granularity: 0.1 Contract Units
  • Maximum Contract Quantity: 1,000,000
  • Initial Margin Rate: 1.3% Base
  • Maintenance Margin Rate: 0.65% Base
  • Liquidation Fee: 0.5%

The other four perpetual contracts being offered by Binance Futures are BTC/USDT, ETH/USDT, BCH/USDT, and XRP/USDT.

According to data from CryptoCompare, EOS-USDT is currently trading at $2.859, up 2.44% in the past 24-hour period:

EOS-USD 24 Hour on 7 Jan 2020.png

 

Featured Image Courtesy of Binance