SK Telecom Data Breach Prompts Crypto Security Fears as Bithumb Prepares for Public Listing

A major data breach involving SK Telecom has raised concerns among crypto investors. With key SIM card details compromised, Bithumb has moved to protect its users.

A major data breach involving South Korea's top three telecommunications service provider, SK Telecom, has raised concerns among crypto investors.

Key SIM card details were compromised in the breach, prompting Bithumb to take action and protect its users.

The issue came to light when malware was discovered in SK Telecom's internal systems on April 19, impacting 34 million users with USIM-related data being exposed.

This information can be used in SIM-swapping, a scam where hackers hijack a person's phone number and gain access to accounts, especially cryptocurrency wallets.

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After blocking suspicious USIM swaps and monitoring unusual authentication activity, SK Telecom has also urged users to activate a USIM lock feature to stop unauthorized fund transfers.

While there is no public evidence of misuse, the exposure has already created alarm in the crypto space.

Following the outrage, local digital asset exchanges have alerted users.

Reports indicated that the exchanges have asked customers who rely on SK Telecom to review their security settings and use additional verification methods.

Many crypto holders have started taking additional precautions and are worried about potential theft.

This marks yet another security vulnerability exposure in the digital asset space this week.

In an earlier report, Coinspeaker noted that a major security concern was flagged on XRP Ledger (XRPL).

Per the update, Aikido Security revealed that the xrpl.js library used for XRP Ledger development was compromised, with a backdoor found in versions 4.2.1 to 4.2.4.

Bithumb is strengthening measures amid IPO plans

Bithumb reacted by launching real-time monitoring focused on spotting USIM forgery and tampering attempts.

The exchange stated it aims to ensure safe service for all users, especially when threats linked to mobile data are increasing.

This comes as Bithumb is working toward a Kosdaq listing planned for the second half of 2025. As part of that process, the company is undergoing internal restructuring.

By July 31, 2025, Bithumb will be divided into two parts: Bithumb Korea and Bithumb A.

Bithumb Korea will handle the crypto exchange and the IPO, while A will take over venture investments, asset management, and new business innovations.

These moves illustrate how exchanges are prioritizing security in the face of technical threats and market volatility.

Bithumb's actions after the SK Telecom breach underscore its commitment to user safety and regulatory compliance, especially as it navigates listing sentiment.

On a positive note, this aligns with recent steps taken by Bybit in partnering with Zodia Custody to boost its security following a $1.45 billion hack in February 2025. Nonetheless, crypto platforms are persistently targeted by hackers. Nonetheless, crypto platforms are persistently targeted by hackers.

Earlier this week, a prominent DeFi protocol on Avail fell victim to a substantial theft, amounting to approximately $8.1 million. The assailants manipulated Avail's price feed, leading to an overflow in one of Avail's smart contracts, which they exploited to steal an enormous sum of Avail tokens. Subsequently, they sold these tokens on an unnamed centralized exchange, realizing a profit of about $3.5 million in ETH.

The theft occurred as Avail was preparing to launch its Avail Chain, a new blockchain designed for interoperability and scalability. Avail is a DeFi protocol operating on the Avara blockchain, aiming to provide efficient and decentralized borrowing and lending services. It utilizes a stablecoin called Avail, pegged to the U.S. dollar.

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