Hack history / 2020 / Scam
Coinbit
Scam on Aug 25, 2020 · Scam
ONE SOURCE · 1 SOURCE
Lost
$85M
dollars at the time
Returned
none listed
as the sources state it
Rank
#72
among thefts by dollars lost
What happened
South Korea’s third largest digital currency exchange, Coinbit, was seized and investigated by South Korean police. Its chairman and operator were suspected of internal transactions and manipulation of market prices. The police claimed that the company was suspected of using illegal means to earn at least 100 billion won in illegal profits (approximately 85 million US dollars), and Coinbit was also suspected of forging more than 99% of its transaction volume.
Details
- Date
- Aug 25, 2020
- Kind
- Scam
- Method
- Scam
- How in
- Phishing and scams
- Target
- Centralized exchange
- Chains
- not stated
After the theft
- Recovered or seized
- yes, amount not stated
“South Korea’s third largest digital currency exchange, Coinbit, was seized and investigated by South Korean police.” (SlowMist Hacked)
Reported by
Related incidents
Cite this page
SwanBluechip, "Coinbit scam, Aug 25, 2020: $85M lost", Crypto hack history, https://swan-hack-tracker.pages.dev/history/i/htc8d169faae/ (data as of 2026-10-31).