• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news EOS

Was Bithumb Hacked For Millions Worth Of Crypto? EOS Blockchain Suggests So

Nick Chong by Nick Chong
2 years ago
in EOS
Reading Time: 3min read
Amid Sudden Bitcoin Rally Past $4,000, EOS Pushes $4
Advertisement
Nexo Logo
Listen to Article

Months after the Cryptopia debacle and mere days after the DragonEx imbroglio, reports and blockchain data suggest that Bithumb, South Korea’s largest crypto exchange has been hacked (yet again) for a large amount of EOS and potentially XRP.

The last time the Korean exchange was attacked, it lost approximately $30 million ($14 million of which was later recovered) and was mandated to shutter its deposit and withdrawal services for months.

Related Reading: Breaking News: Bithumb Hacked For $30 Million In Cryptocurrencies, Market Drops

Bithumb Hacked Again, This Time For $10 Million+ Of Crypto

According to Primitive Ventures’ Dovey Wan, who cites data from local blockchain analytics teams, cybersecurity firms, and other sources, Bithumb’s EOS wallet was hacked on Friday, resulting in three million EOS tokens being spirited away. This sum of crypto, for those who are wondering, is currently valued at $12.5 million as of the time of writing.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

BREAKING ???

Bithumb is being hacked, at its EOS cold storage level!!! Over 3million EOS has been transferred out ???

Detail to be reported, confirmed by security firm who’s auditing for Bithumb

— Dovey 以德服人 Wan ?? (@DoveyWan) March 30, 2019

From a preliminary look at the wallet affected, it seems as though this was Bithumb’s hot wallet rather than its cold storage system, which was subject to immense scrutiny during the platform’s last security mishap.

The reason why analysts are suggesting this is a hack is due to the distribution of the three million EOS, which was sent to exchanges such as EXMO, Huobi, Changelly, KuCoin, and CoinSwitch. Interestingly, however, there remains 63% of the hacked funds in the attacker’s purported wallet.

Per CoinDesk Korea, who has seemingly confirmed the report, Rohan from EOSauthority seems to be sure that Bithumb’s private key pertaining to the aforementioned wallet was stolen. Bithumb has purportedly since contacted fellow trading platforms, authorities, and higher-ups in the EOS ecosystem, as it looks to mitigate the effects on the broader crypto industry.

Since the suspicious transaction, Bithumb has shuttered its deposits and withdrawals portal, citing a need to “provide more stable service.” The announcement of this happening did not mention the word “hack” or “EOS” specifically, however, but many argue that the timelines of the hack and sudden period of maintenance do match up.

https://twitter.com/BithumbOfficial/status/1111775068080631808

Will EOS Block Producers Take Action?

While for most other cryptocurrencies, especially Bitcoin, these purported hacked transactions would be irreversible, for EOS, amending this situation may be possible. For those who missed the memo, EOS’s Block Producers (BP), who are the equivalent of Bitcoin’s miners, have the ability to reverse transactions and freeze accounts in drastic situations.

Nine months ago, BP EOS42 claimed that it had frozen seven accounts. Months later, users reported on Reddit that an arbitrator of the crypto platform was purportedly able to reverse a transaction that happened without the owner of an account’s explicit permission. It isn’t clear if there is an entity in the ecosystem right now that has the same capabilities.

Even if there is a BP or similar crypto stakeholder that could freeze the hacker in his/her/their tracks, some claim it is too late.

Wan writes that Bithumb’s EOS funds have already deposited the tokens on non-custodial, KYC-free exchanges, like ChangeNow and Changelly, likely for a privacy-centric asset like Monero (XMR).

3. EOS won’t be able to freeze this time, or it’s now too late

4. Hacker has been disposing the stolen EOS via ChangeNow, a non-custodial crypto swap platform dose not require KYC/account

5. Bithumb is the only top Korean ex operator without a commercial banking partnership pic.twitter.com/SM9Wes0BI6

— Dovey 以德服人 Wan ?? (@DoveyWan) March 30, 2019

This is a breaking situation. NewsBTC will make sure to keep you in the loop for updates on this situation, so stay in the loop. 

Featured Image from Shutterstock
Tags: Bithumbcryptoeoshack
TweetShare340
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Cardano CEO Shares “Too Big Too Fast” Insight on EOS CTO Departure

Cardano CEO Shares “Too Big Too Fast” Insight on EOS CTO Departure

1 week ago
crypto defi trash beach altcoin major xrp ltc

Pseudonymous Crypto Trader Trashes Major Altcoins: “Tides Have Turned” To DeFi

5 months ago
EOS Price Surges 10% and Technicals Suggests Rally Above $4

EOS Price Surges 10% and Technicals Suggests Rally Above $4

5 months ago
ethereum price

EOS Price Just Surged 15%—and More Upside Is Likely on Its Way

5 months ago
EOS Whales Are Accumulating on Every Dip; Bull Run Incoming?

EOS Whales Are Accumulating on Every Dip; Bull Run Incoming?

8 months ago
altcoin market crypto trading volume all time high

Altcoin Market Trading Volume Reaches New Crypto All-Time High

11 months ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Robonomics Winter School 2021 Master Classes And Lectures Open For Attendees

January 18, 2021

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

January 16, 2021

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.