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South Korea has become a major player in the cryptocurrency market. The country has one of the strongest markets in the industry, but it’s taken a major hit over the last few weeks as a result of hacking.

Two weeks ago, CoinRail was hacked, and roughly $40 million was stolen from the company. That is a smaller exchange most people aren’t aware of, but it became a different story when Bithumb was the next cryptocurrency hacked this week. Coindesk is reporting that $31 million was taken from the company.

For most companies, that could be the first and final nail in the coffin. However, the cryptocurrency market is so lucrative that an exchange like Bithumb can handle that kind of loss. As of this writing, Bithumb is the sixth-largest exchange in the world.

The South Korean market is strong, but the market has lost at least 30 percent of its virtual currencies in the last three weeks. That’s a big hit — and it’s very hard to recover from that.

Bithumb has apologized and moved the company’s assets into a cold wallet. Analysts believe hacks like this happen because of how unpredictable the market can be. It’s unlikely to be the last time the cryptocurrency market is hit this hard by hacking.

Lamar Green

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