Bitcoin price (BTC/USD) tumbles on Bithumb hack news

Some $31 million worth of crypto stolen from South Korea’s largest crypto exchange

Bitcoin price (BTC/USD) tumbles on Bithumb hack news

The Bitcoin price (BTC/USD) has seen a sharp decline on Wednesday, following news of another crypto exchange hack in South Korea.

The original cryptocurrency posted strong gains on Tuesday, as news that US financial payments firm Square had received a BitLicense in New York and an upbeat crypto market helped the coin to reach a one-week high. In early afternoon trading, Bitcoin topped the $6,800, reaching an intraday high of $6,822.50, its highest price level since June 12. The coin eventually finished the day at $6,769.94, slightly higher than its opening level of $6,742.39.

However, Bitcoin experienced a sharp drop in the early hours of today’s trading, with its price tumbling to an intraday low of $6,611.82. Most major coins, including Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH) experienced similar declines.

The slump was likely triggered by news of another hack, this time targeting South Korea’s leading crypto exchange, Bithumb.

In an announcement published earlier today, Bithumb said that around $31 million worth of cryptocurrency had been stolen in the hack, which occurred between late Tuesday night and early Wednesday morning. The exchange did not specify which cryptocurrencies had been affected, but said that it would cover all losses. Bithumb also said that the remaining assets had been moved to its cold wallet and urged investors not to deposit any funds into Bithumb wallet addresses until further notice.

Media outlets, including Coindesk Korea, have reported that the third-largest cryptocurrency, Ripple (XRP) may have been targeted. According to data from Coinmarketcap, Bithumb accounts for 11.5% of XRP’s 24-hour trading volume, or about $33 million.

In today’s trading, the Bitcoin price stood at $6,682.90, as of 10:56 BST. The digital currency has lost 0.9% of its value in the past 24 hours.

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