How One Employee Stole $30M From An Exchange #shorts

6 Mar 2023 · 1 min

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The video recounts a June 2019 security breach at Bitdome, a major Korean cryptocurrency exchange, in which an insider allegedly sold private keys to hackers. Using those keys, the attackers accessed the exchange’s hot wallet and transferred roughly $31 million worth of crypto to an anonymous address. The incident sparked criticism of Bitdome’s lax security practices, particularly its reliance on a hot wallet for large asset storage instead of more secure cold‑wallet solutions. While some of the stolen funds have been recovered, the case remains unsolved, underscoring the industry mantra “not your keys, not your coins” and urging users to store assets in cold wallets.

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How one employee in a crypto exchange caused $31 million in losses for the exchange. Here's the story. In June 2019, one of the leading Korean exchanges, Bitdome, suffered a devastating hack that saw over $31 million worth of cryptocurrency stolen. The culprits remain unknown to this day, but it appears that the hack was an inside job, with an employee of the exchange selling the private keys to the hackers. The hackers then managed to gain access to the exchange's hot wallet and transferred the funds to an anonymous wallet. Bitdome. Faced severe criticism for its lax security measures and for storing such a large amount of assets in a hot wallet rather than in a more secure cold wallet. The exchange has since been able to recover some of the funds, but remember, not your keys, not your coins. Make sure you store your coins in a cold wallet. And this is the story of—