$32M in Bitcoin Stolen from Seoul Exchange

FrgMstr

FrgMstr

Just Plain Mean
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Bithumb, a South Korean cryptocurrency that is the largest in the nation with more than 1M customers, has let its user base know that over $32M in Bitcoin was stolen. As to how it exactly happened, no details were given. Bitcoin's price dropped a tad on the news (about 20 hours ago), but the bottom certainly has not fallen out on this bombshell. It is stayed rather flat. Back on the 11th, when $37M worth of crypto was stolen from a Korean exchange, we saw a bigger drop in Bitcoin. Thanks Crackinjahcs.


Bithumb, which has more than 1 million customers, is the largest virtual currency exchange in the South. “It has been confirmed that virtual currencies worth 35 billion won ($32 million) was stolen through late night yesterday (Tuesday) to early morning today,” the exchange said in a statement. All deposits and withdrawals were suspended indefinitely to “ensure security”, it said, adding the losses would be covered from the firm’s own reserves.
 
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Master_shake_ said:
So how much of that 32 million is insured?

Zero?
Click to expand...
Probably all of it, which is why they can replace it. Which also makes me wonder if this isn’t some elaborate insurance scam so they can just claim huge losses and exit the market before the regulations kick in for November.
 
It's nuts. Who would use their PCs for finances in 2018... I cant believe miners are still a thing. It's like stock market. There are a million guys making a buck off anything you do. You're always losing.

https://www.theregister.co.uk/2018/06/20/openbsd_disables_intels_hyperthreading/

from comment
https://www.blackhat.com/us-18/brie...rotecting-your-cpu-caches-is-not-enough-10149

TLBleed: When Protecting Your CPU Caches is Not Enough
Ben Gras | Security Researcher, VU University


Format: 50-Minute Briefings
Tracks: Hardware/Embedded, Exploit Development


We present TLBleed, a novel side-channel attack that leaks information out of Translation Lookaside Buffers (TLBs). TLBleed shows a reliable side channel without relying on the CPU data or instruction caches. This therefore bypasses several proposed CPU cache side-channel protections. Our TLBleed exploit successfully leaks a 256-bit EdDSA key from libgcrypt (used in e.g. GPG) with a
98% success rate after just a single observation of signing operation on a co-resident hyperthread and just 17 seconds of analysis time. Further, we show how another exploit based on TLBleed can leak bits from the side-channel resistant RSA implementation in libgcrypt. We use novel machine learning techniques to acheive this level of performance. These techniques will likely improve the quality of future side-channel attacks. This talk contains details about the architecture and complex behavior of modern, multilevel TLB's on several modern Intel microarchitectures that is undocumented, and will be publically presented for the first time.
 
So 2 weeks ago Bitthumb was issued a bill for $28 mil in back taxes and less than 2 weeks later they are "Hacked" for $30 Mil in losses....
Now they did send out a tweet saying that they would cover the losses, but it seems since making that tweet they have deleted the tweet so I would guess that people aren't getting their money back.
 
losing all of your saving is something pretty hard to do but crypto makes loosing everything in a single hack possible, houray!
 
motqalden said:
https://www.coindesk.com/crypto-exchange-bithumb-halts-services-amid-31-million-hack/

"Although Bithumb has yet to disclose which and how much cryptocurrency had been stolen, it said in the announcement that the loss will be covered by the platform."



https://hacked.com/treading-the-floods-cryptocurrency-prices-stable-following-bithumb-attack/

"Hackers made off with roughly $31 million in stolen cryptocurrency on Wednesday as Bithumbsuffered its third cyber breach in 12 months. The attackers reportedly targeted users’ holdings of XRP, the third-largest cryptocurrency by market cap, by running a series of unauthorized access attempts."

"The Seoul-based exchange confirmed that it had migrated outstanding crypto balances to cold storage and said it will fully refund affected users. Transactions on the exchange remain suspended for now."
Click to expand...
Thank you for this follow up. Maybe an edit to the original post is in order.
 
motqalden said:
It wasnt bitcoin stolen and they promised refunds already.
Click to expand...
They deleted that tweet that made that promise of refunding users losses, so users are already expecting to get screwed over.

And there was some Bitcoin, it was everything in a web facing wallet that was being traded but hadn't yet been finalized. Interestingly not a lot of Etherium because it seems the day before they were seeing strange network traffic during an "audit" so they moved most of that to offline wallets before hand.
 
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Joust said:
Thank you for this follow up. Maybe an edit to the original post is in order.
Click to expand...

Here's the article I originally saw:

https://phys.org/news/2018-06-hackers-30m-seoul-bitcoin-exchange.html

It was not specific on the type(s) of cryptocurrencies stolen from Bithumb or from Coinrail 10 days earlier.



I keep seeing these exchanges getting hacked. The much celebrated and advertised security of the blockchain system doesn't count for much if the exchanges themselves are being compromised repeatedly.
 
Crackinjahcs said:
Here's the article I originally saw:

https://phys.org/news/2018-06-hackers-30m-seoul-bitcoin-exchange.html

It was not specific on the type(s) of cryptocurrencies stolen from Bithumb or from Coinrail 10 days earlier.



I keep seeing these exchanges getting hacked. The much celebrated and advertised security of the blockchain system doesn't count for much if the exchanges themselves are being compromised repeatedly.
Click to expand...
With that much money at stake and no way to reverse the transaction it is a prime target, enough of them have been hacked that there is a very large database of usernames and passwords that exist in the wild so it is just a matter of finding a vulnerable wallet and pounding that data at it. Its bound to work eventually and with each hack they get more usernames and passwords so they can repeat the process.

Security audits done earlier this year on many of the crypto exchanges found that many of them had a complete lack of adequate security a good number were fined for their incompetence, these hacks will only get worse before they get better.
 
Another inside job. Most of it was ripple and Bithunb details are still not clear. The interesting part is that all of what was taken will be paid back by the insurance. :D
 
My password by the year 2025...
ThE 69 QuIcK bRoWn FoX JuMpS 101 oVeR tHe LaZy 1337 DoG 9000
 
whatevs said:
It's nuts. Who would use their PCs for finances in 2018... I cant believe miners are still a thing. It's like stock market. There are a million guys making a buck off anything you do. You're always losing.

https://www.theregister.co.uk/2018/06/20/openbsd_disables_intels_hyperthreading/

from comment
https://www.blackhat.com/us-18/brie...rotecting-your-cpu-caches-is-not-enough-10149

TLBleed: When Protecting Your CPU Caches is Not Enough
Ben Gras | Security Researcher, VU University


Format: 50-Minute Briefings
Tracks: Hardware/Embedded, Exploit Development


We present TLBleed, a novel side-channel attack that leaks information out of Translation Lookaside Buffers (TLBs). TLBleed shows a reliable side channel without relying on the CPU data or instruction caches. This therefore bypasses several proposed CPU cache side-channel protections. Our TLBleed exploit successfully leaks a 256-bit EdDSA key from libgcrypt (used in e.g. GPG) with a
98% success rate after just a single observation of signing operation on a co-resident hyperthread and just 17 seconds of analysis time. Further, we show how another exploit based on TLBleed can leak bits from the side-channel resistant RSA implementation in libgcrypt. We use novel machine learning techniques to acheive this level of performance. These techniques will likely improve the quality of future side-channel attacks. This talk contains details about the architecture and complex behavior of modern, multilevel TLB's on several modern Intel microarchitectures that is undocumented, and will be publically presented for the first time.
Click to expand...

I don’t see a strong link to “miners.” Mining is almost no risk and very profitable. Most here paid off their hardware wayyy long ago.

If you said, “I can’t believe crypto is still a thing” I might agree with you.
 
Everytime i read stories like this, it puts a big smile on my face. I cant wait until gpu prices and availability are back to the old days
 
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