BITHUMB EXCHANGE REOPENS AFTER MAJOR SETBACK

 

Popular South Korean cryptocurrency exchange, Bithumb has relaunched its crypto services after a major hack mid-June 2018; in which it was quoted to have lost $31 million USD worth of cryptocurrency and consequently all buy and sell, withdrawal and deposit options had been disabled.

However in a recent publication, Bithumb has announced its commencement of withdrawals and deposit services on 10 specific cryptocurriencies which include BTC, ETH, XRP, ETC, QTUM, LTC, BCH, XMR, ZEC and MITH. This announcement comes after its recovery of a chunk percentage of the stolen funds and due security upgrades on its platform to forestall further occurrence.

Prior to its hack, the exchange served as the world’s twelfth largest crypto exchange and second largest South Korean digital asset platform by daily trade volume of over 250 billion Won; with a further hold of 33 percent share of the South Korean domestic market; with over 35 crypto coin services on offer.

Further clarification by Bithumb states its pause on the previously offered 25 coins not supported at this time is solely based on current unpredictability and fluctuation of market prices on these digital assets as it looks to protect its customer’s and would fully resume all coin services in due course.

Bithumb further notifies users that a new deposit address should be requested and assures traders on its platform that all uncredited deposits affected by this hack will be duly credited.

In other news, Bithumb also suspended all new virtual bank accounts after it failed to reach a consensus agreement with two of South Korea’s supporting banks. This fallout is said to have been propagated by the recent hack as a supporting bank is said to have questioned Bithumb’s readiness on protecting customers and digital asset data. This declaration leaves Bithumb as the only exchange without a commercial bank partnership in South Korea’s large crypto trading space.

Tags from the story
, ,
Written By

CryptoEnthusiast,CryptoEducator and Angel Investor,Writing Pro and Techie