BITCOIN TO FALL AFTER MASSIVE 30$ HACK IN SOUTH KOREA

BITCOIN was dealt another blow last night after South Korean  cryptocurrency exchange Bithumb said $31.5 million was stolen by hackers  causing the principle coin to fall from $6,742 to $6,562.

 South Korean exchange Bithumb said in a notice on its website on  Wednesday that it had stopped all trading after ascertaining “some  cryptocurrencies worth about 35 billion won were seized between late  yesterday and early morning today.”The exchange, thas now moved  “all clients’ assets in safe cold wallets,” which operate on platforms  not directly connected to the internet, adding that customers affected  would be fully compensated.Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.He  said: “No security measures or regulations can 100 percent guarantee  safety of virtual coins. It is held anonymously and in lightly-secured  systems, which makes them an irresistible target."Earlier this month another South Korean cryptocurrency exchange Coinrail was hacked, marking loses of around $40 million.Ilia  Kolochenko, CEO and founder of web security company High-Tech Bridge  told Express.co.uk: "This particular incident will unlikely alter the  grim security landscape of cryptocurrency exchanges."It is very  good to know that the victims will be duly compensated after the breach,  but all this raises the question of economical practicality to operate  crypto-exchange business in such a manner.