Bithumb Enhances Security Following Major SK Telecom Data Breach

SK Telecom’s recent malware breach exposed SIM data of 34 million users, igniting fears in the crypto community. Bithumb has stepped up security measures, launching real-time monitoring and calling on users to tighten authentication settings. The exchange is preparing for a public listing, reflecting heightened focus on user safety amid rising mobile fraud risks.

A recent data breach at South Korea’s telecom giant, SK Telecom, has put the sensitive SIM data of 34 million users at risk, raising alarms within the cryptocurrency community. To counter this growing mobile fraud threat, the cryptocurrency exchange Bithumb has implemented real-time monitoring and has urged users to tighten their account security settings. As the exchange prepares for its public listing, safeguarding customer data has become increasingly crucial.

The breach was first identified on April 19, 2025, when SK Telecom discovered malware infiltrating its internal networks. This incident has exposed USIM-related information that could be exploited in a SIM-swapping scam, allowing hackers to gain access to victims’ phone numbers and potentially their cryptocurrency wallets. Even without confirmed misuse of the compromised data, concern within the crypto realm is palpable.

In response to the breach, SK Telecom has initiated measures to block suspicious SIM swaps and has been vigilant in monitoring unusual authentication activities. Users are being advised to activate a USIM lock feature to safeguard against any unauthorised transactions. Following the alarm raised by this incident, local cryptocurrency exchanges have also mobilised, telling their clients connected with SK Telecom to reassess their security protocols and apply additional verification methods.

With investors increasingly wary, some crypto enthusiasts are taking steps to bolster their security amidst fears of theft. Unfortunately, this incident is just the latest example of security vulnerabilities afflicting the digital asset landscape this week. Moreover, a recent report highlighted concerns regarding the XRP Ledger where a backdoor was reportedly found in certain versions of the xrpl.js library used for development.

Meanwhile, Bithumb is ramping up its internal security following the SK Telecom incident by launching dedicated real-time monitoring systems aimed at detecting USIM forgery and other malicious attempts. As they work towards a Kosdaq listing in the latter half of this year, Bithumb is also executing major restructuring plans. By late July 2025, the exchange will split into two entities, managing the exchange and IPO separately from venture investments and asset management functions.

Bithumb’s strategy indicates a growing focus on user safety, especially considering the rising threats tied to mobile data. This commitment resonates within the broader context where other exchanges, like Bybit, are also enhancing security measures following significant breaches, such as the $1.45 billion hack reported earlier this year. As the digital asset market grapples with existing vulnerabilities, Bithumb’s proactive steps underscore the importance of regulatory compliance and customer security in today’s volatile environment.