SK Telecom’s internal malware breach puts millions at risk, prompting Bithumb to tighten security ahead of its coming IPO.
A major data breach involving the top three telecommunications service providers in South Korea, SK Telecom, has raised concerns among crypto investors. With key SIM card details compromised, Bithumb has moved to protect its users, even as it prepares for its public listing.
SK Telecom Data Breach Prompts Crypto Security Fears
According to an update from Bithumb, SK Telecom discovered malware in its internal systems on April 19, 2025.
It is worth noting that the breach exposed USIM-related data belonging to its 34 million users. This information can be used in SIM-swapping, a scam in which hackers hijack a person’s phone number and gain access to accounts, especially cryptocurrency wallets.
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The update shows SK Telecom responded by blocking suspicious USIM swaps and monitoring unusual authentication activity. The firm 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 Strengthens Measures Amid IPO Plans
According to reports, 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. As detailed, by July 31, 2025, Bithumb will be divided into two parts.
As noted, Bithumb Korea will handle the crypto exchange and the IPO. At the same time, a separate entity named Bithumb A will take over venture investments, asset management, and new business innovations.
These moves illustrate, if anything, how security is a top priority for exchanges dealing with technical threats and market volatility.
Bithumb’s actions after the SK Telecom breach highlight its commitment to user safety and regulatory compliance, particularly amid 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.
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