Price of Bitcoin Plunged After £24m Were Stolen By Hackers From South Korean Exchange

Last Wednesday, the value of Bitcoin has fallen after the revelation of Bithumb, a South Korean cryptocurrency exchange, that it lost millions due to a cyber attack.

Hackers have were able to steal 35bn won (£24m) worth of cryptocurrency.

The price of bitcoin fell by more than 2.3 percent in value as the news broke out. At around 9 am last Wednesday, it was trading down by 1.7 percent at $6,598.89.

After the announcement, the value of ethereum was also down. It traded 2.4 percent lower at $525.30.

Bithumb has said that it will compensate the users for any losses due to the incident.

The news broke out just more than a week after another cyber attack on another South Korean exchange sent the price of Bitcoin plummeting.

Last January, hackers were also able to steal $500m worth of digital currencies from Coincheck, a cryptocurrency exchange in Japan. It was considered to be one of the biggest robberies in history.

Notable names in the financial community have raised some worries regarding the security risk and volatility of crypto trading.

Earlier this month, Jamie Dimon, the boss of JPMorgan Chase, informed buyers to “beware” when trading Bitcoin. In 2017, he called the cryptocurrency a “fraud.” It caused the price of bitcoin to drop.