South Korea’s largest cryptocurrency exchange by market volume, Bithumb, today confirmed a hack in which it has lost 35 million won (approximately $31 million) worth of cryptocurrencies.

The exchange has immediately halted deposit and withdrawal services. In an online post, Bithumb said (loosely translated):

“We have noticed that between the last night and today morning, about 35,000,000,000 KRW worth cryptocurrencies have been stolen. However, this loss will be compensated by Bithumb’s own reservoir, and all of our assets are securely saved in Bithumb’s cold wallet… Cryptocurrency deposit/withdrawal and KRW withdrawal service will be halted for time being and services are thoroughly reviewed.”

This marks the second hacking incident in South Korea this year. Earlier this month, Coinrail lost around $37 million to hackers.

Youbit suffered two major hacks last year, losing around 20 billion won, while Bithumb itself also reportedly lost billions of won to hackers in 2017.

BTC/USD is currently trading in the red at 6584 levels at the time of writing (Bitstamp).