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One of Asia’s Largest Cryptocurrency Exchange Hacked





South Korea-based cryptocurrency exchange Bithumb briefly suspended its deposit and withdrawal services after hackers stole over $30 million worth of virtual currency, the company said on Wednesday.

The exchange, which is based in Seoul, conveyed the message to its followers on Twitter in a series of tweets on June 19, including one confirming that the stolen coins would be covered by Bithum’s own reserves. It also confirmed that all users’ assets would be transferred to a different wallet system.

The transferred assets were quickly placed in a cold wallet – a method used for the long-term storage of a large amount of money/cryptocurrencies that is only connected to the internet when making a transaction – to decrease the likelihood of further funds being stolen.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view









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