Cryptocurrencies Fall as Korean Exchange Says $32 Million of Coins Stolen

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Cryptocurrencies dropped after the second South Korean exchange in as many weeks said it was the victim of a theft, renewing fears about the security of digital-asset trading venues.

Bithumb, ranked seventh in the world by traded value by Coinmarketcap.com, said about 35 billion won ($32 million) worth of coins were stolen. The exchange halted cryptocurrency deposits and withdrawals.

Bitcoin, the largest cryptocurrency, dropped as much as 2 percent and was trading at $6,572 as of 9:29 a.m. in Hong Kong, according to consolidated prices compiled by Bloomberg. It has lost 54 percent this year. Other tokens including Ripple, Ethereum and Litecoin also retreated.

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Enthusiasm for virtual currencies has waned this year partly due to a string of cyber heists, including the nearly $500 million theft from Japanese exchange Coincheck Inc. in late January. Last week, a South Korean venue called Coinrail said that some of the exchange’s digital currency appeared to have been stolen by hackers, but it didn’t disclose how much.

Read more: Crypto’s Wild West Traders Get Some Pointers From Financial Pros

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