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Bithumb hacked: Comment from Webroot

June 2018 by Tyler Moffitt, Senior Threat Research Analyst at Webroot

In light of the news today that Bithumb was hacked with over $30m in coins stolen, The comment from Tyler Moffitt, Senior Threat Research Analyst at Webroot.

Bithumb is a giant exchange, so to be hacked is a huge deal in the crypto world and will definitely have an impact on this speculative market. The silver lining here is that Bithumb is offering to cover all funds stolen with their own reserves, so customers storing funds on the exchange have not lost any coins. To ensure that further coins aren’t stolen, Bithumb has moved them to an offline cold storage wallet.

The actual blockchain protocol of these tokens was not hacked or manipulated. Instead, hackers got access to private keys which unlock Bithumb’s wallet. Anyone who has these private keys is going to be able to withdraw funds as if they were the legitimate owner. This just reiterates the importance of keeping private keys as secure as possible. Storing these keys on a computer or cloud backup (especially in plain text) is just asking for trouble. As cyberattacks on exchanges become more commonplace, customers should choose hardware wallets to best secure their keys and hence, their funds.

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