World's Fourth-largest Bitcoin Exchange Hacked in South Korea

TheMerkle Bitcoin Price Stable

TheMerkle Bitcoin Price Stable

According to reports, the Bithumb Bitcoin exchange in South Korea has been hacked, and billions of Won are said to have been stolen. Besides being the fourth largest cryptocurrency exchange by volume, Bithumb is also the Internet's second largest Ethereum trading platform by volume. The same story notes that some 100 customers may have lost hundreds of millions of won, with one person having lost 1.2 billion won after the hack.

According to Brave New Coin, the cyberattack occurred last week resulting in the loss of billions of won by bitcoin owners who used the exchange that contains approximately three-quarters of all South Korean-held bitcoin.

The company admitted that it was hacked, but maintained that the hackers did not obtain direct access to funds stored on the exchange.

Worth Watching Stock Southwestern Energy Company (SWN)
Rafferty Asset Management LLC's holdings in Southwestern Energy Company were worth $784,000 at the end of the most recent quarter. It improved, as 27 investors sold RCI shares while 75 reduced holdings. 28 funds opened positions while 50 raised stakes.

South Korean lawmakers will be presenting several bills that will affect the legal status of cryptocurrencies.

Japan, which previously accounted for barely 1% of total bitcoin trading volume, is now the second largest market, representing over 30% of the world's bitcoin trading volume. Its operators also claimed that the internal networks, its servers and digital currency wallets were not compromised.

The amendments to the Electronic Financial Transactions Act provide that traders, brokers, or other business entities involved in cryptocurrency transactions would be required to get regulatory approval from Korea's Financial Services Commission.

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Some Bithumb users were victims of "voice phishing", where someone phoned them up saying they worked for Bithumb and scammed them out of funds, according to BraveNewCoin. Bithumb said it would compensate victims, though the company didn't say exactly how much it would reimburse.

The exchange posted a notice on their website stating that "compensation for personal information leakage cases has been decided". However, the Herald reported on Monday that about 100 victims are expected to file a class action lawsuit against Bithumb. In a recent statement, Rep. Park Yong-jin of the ruling Democratic Party of Korea said that he would introduce three revisions this month to build a regulatory framework for digital currencies such as bitcoin and Ethereum. This raises the question of whether or not the site is legally responsible for the lost funds.

Next Weeks Broker Price Targets For Hudson Technologies, Inc. (HDSN)
The Altman Z-score depends on five financial ratios that can be calculated from data found on a company's annual 10K report. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company's stock.

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