South Korea’s Bithumb loses $32 million in digital
money heist, bitcoin falls
South Korean cryptocurrency exchange Bithumb said 35 billion won ($31.5 million) worth of virtual coins were stolen by hackers, the second local exchange targeted in just over a week as cyber thieves exposed the high risks of trading the digital asset.
Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”
The exchange, the sixth busiest in the world according to Coinmarketcap.com, said it had stored “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet.
It added that the company would fully compensate customers.
The Bithumb theft highlights the security risks and the weak regulation of global cryptocurrency markets. Global policymakers have warned investors to be cautious in trading the digital currency given the lack of broad regulatory oversight.
In Ho, a professor at Korea University’s Blockchain Research Institute, said the stolen coins were most likely to be from the more insecure ‘hot wallets.’
Chinese paper says Trump administration has ‘blood
lust’ over trade
The Trump administration has “blood lust” when it comes to pushing its trade agenda against China and wants to “suck the lifeblood” from the Chinese economy, an official state-run newspaper said on Wednesday, stepping up the rhetoric.
U.S. President Donald Trump threatened on Monday to hit $200 billion of Chinese imports with 10 percent tariffs if Beijing retaliated against his previous targeting of $50 billion in imports, aimed at pressuring China to stop stealing U.S. intellectual property.
Beijing has vowed to retaliate, accusing the United States of “extreme pressure and blackmailing”, and financial markets have been hit hard by the escalating trade conflict.
In an editorial, the English language China Daily, often used by Beijing to get its message out to the rest of the world, said the United States had failed to honor an agreement on rebalancing trade, referencing a deal stuck in May for China to significantly increase purchases of U.S. goods and services.
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