South Korean Crypto Exchange Bithumb Hacked

South Korean cryptocurrency exchange Bithumb has suspended deposits and withdrawals after losing $30 million worth of cryptocurrencies as the result of an apparent hack.

The Seoul-based company, once the world’s largest cryptocurrency exchange, on Wednesday announced that $30 million worth of undisclosed cryptocurrencies had been stolen from the platform.

It is not clear at what time the theft occurred, but Bithumb suspended deposits at approximately 00:53 UTC and immediately began transferring all of its assets to cold wallets to prevent further losses.

Bithumb said that the company will cover all losses so that users will not be affected, other than by the temporary inability to move their assets. Deposits and withdrawals were suspended.