advertisement

South Korean Bitcoin Exchange, Bithumb Hacked

Bithumb, Bitcoin, Bitcoin news, Bitcoin Exchange

Bitcoin Exchange Bithumb got hacked

Bithumb, the biggest South Korean exchange of Bitcoin, was the victim of a DDOS attack.

Aroundt 10 million won (about 7,655 €) were stolen from customers’ accounts.

At the moment, Bithumb admits that the “Confidential information of customers have leaked – phone numbers and email address – but says their funds are safe.

Bithumb believes personal details of more than 30,000 of its customers were stolen as a result

“It appears the data was subsequently used to fool users into letting thieves steal funds from their accounts. Bithumb has promised compensation.”

According to one of their employees, “only employees’ computers were hacked, but not servers. “

 In a post, Bithumb, announced a compensation of 100,000 won (about € 76.58) for each aggrieved customer.

 Despite what Bithumb claims, some customers think their passwords would also have been stolen.

 It remains in Bithumb to explain how the attack was made possible and to prove that the passwords of the customers were not stolen.

 It is likely that the hackers used that information to access the accounts directly, by resetting the users’ passwords, which would make sense given that a source within Bithumb claims that the exchange’s servers weren’t hacked. However, the fact that employee computers were hacked is still a major source of concern.

 “This latest attack is troublesome on a variety of levels. Firstly, this continues to demonstrate the weakness associated with poor password hygiene especially when they are the only factor of authentication.

“If Bithumb had implemented adaptive authentication using layers such as device recognition and/or geolocation as part of the authentication process for its employees, this issue could have been avoided entirely as a second factor of authentication would have been introduced,” said Robert Block, senior VP of Identity Strategy at SecureAuth and a man who presumably ought to know.

“Additionally, if identity-based threat services were in place, Bithumb would have been able to identify this issue in February when the it first occurred and notified other areas in cyber security. Instead, this breach went undiscovered until June giving the attackers months for lateral movement and additional credential exposure.

 “It shows how attackers are carefully watching the fruitful bitcoin market and will continue to target these types of organisations in the future as they are fully aware of the high-value monetary gain associated with it.”
KryptoMoney.com posts latest news and updates about Bitcoin, Cryptocurrencies, Blockchain Technology and upcoming ICO’s.
Subscribe to our newsletters and join our Telegram Channel to stay updated.

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.