South Korea to Review Security at Crypto Exchanges after Bithumb Hack

Investing.com - The South Korean Ministry of Science and Technology has launched an investigation into the theft of around $32 million from the country's largest cryptocurrency exchange, Bithumb.Bithumb said Wednesday it lost 35 billion won worth of cryptocurrencies in a hacking attack.The ministry will examine the causes of the theft in cooperation with the police and other agencies.The ministry has been monitoring the security of twenty-one crypto exchanges since the start of the year and has confirmed that most of them have security vulnerabilities. It plans to ensure that they improve their fraud detection practices by September.It was the second hack of a cryptocurrency exchange in less than two weeks in South Korea.Earlier this month, Coinrail was hacked and digital money worth around 40 billion won was stolen.The hacking attacks have sparked public calls for tougher government regulation of the industry, which is largely self-regulated.In January, South Korea banned the use of anonymous bank accounts for virtual coin transactions, a move aimed at stopping virtual currencies being used for crimes like money laundering.South Korea is believed to be the world's third-biggest market for cryptocurrency trading, behind Japan and the U.S.