Deprecated: Function create_function() is deprecated in /home/admin/web/bitcoingalaxynews.com/public_html/wp-content/plugins/onesignal-free-web-push-notifications/onesignal-widget.php on line 46
Bithumb Reopens Deposits and Withdrawals - Bitcoin Galaxy News
Deprecated: The each() function is deprecated. This message will be suppressed on further calls in /home/admin/web/bitcoingalaxynews.com/public_html/wp-content/plugins/onesignal-free-web-push-notifications/onesignal-settings.php on line 122

Bithumb Reopens Deposits and Withdrawals

Bithumb Reopens Deposits and Withdrawals

Business Crypto Market
August 4, 2018 by Raj
126
Hacked South Korean cryptocurrency exchange Bithumb has recently revealed that, following a security breach that led to a loss of over $30 million, it’s going to reopen deposits and withdrawals on its platform today, August 4. The exchange’s announcement was originally made via Twitter. Through a blog post, the company detailed that only 10 cryptocurrencies – bitcoin, ethereum, Ripple’s
bithumb reopens

Hacked South Korean cryptocurrency exchange Bithumb has recently revealed that, following a security breach that led to a loss of over $30 million, it’s going to reopen deposits and withdrawals on its platform today, August 4.

The exchange’s announcement was originally made via Twitter. Through a blog post, the company detailed that only 10 cryptocurrencies – bitcoin, ethereum, Ripple’s XRP, ethereum classic, qtum, litecoin, bitcoin cash, monero, zcash and mithril – were approved for deposits and withdrawals for now.

Bithumb Reopens Deposits and Withdrawals

via

This means that, on its platform, 25 cryptocurrencies will remain suspended because of security concerns. The company’s post reads (roughly translated):

Some cryptocurrencies with a significant price difference of about 10 percent between Bithumb market and standard market will be opted out for this customer’s asset. When services return to normal, rapid changes in price are expected. Therefore resuming normal services for such cryptocurrencies will be put on hold for the time being.

The crypto exchange further added that its users will need to create new deposit addresses if they want to add funds to their accounts and that uncredited deposits made while its services were suspended will be returned.

Bithumb’s Security Breach

Bithumb Reopens Deposits and Withdrawals

via

As CryptoGlobe covered the cryptocurrency exchange was hacked in June and lost over $30 million as hackers took 2,016 BTC, 2,219 ETH, 692 BCH, and 5.2 million XRP, along with various other cryptos.

Once the breach was discovered, Bithumb quickly froze transaction services and hastily moved all of its funds stored in hot wallets to cold storage, to prevent further damage. It then went through maintenance periods and security reviews, which affected its reputation.

Since then, the exchange revealed it managed to recover $14 million and noted it will compensate losses through a coupon-based plan. After the breach, the Korea Blockchain Association (KBA) inspected the firm’s operations and certified it as one of the 12 crypto exchanges that passed the check, out of 23 in South Korea.

Also read: βithumb Loses Over $31 Million In Hack

Other exchanges that passed the check were OKEx, Huobi Korea, Korbit, and Upbit. The market particularly welcomed Bithumb’s recovery, however, as it was the country’s largest exchange by trading volume before the security breach.

As covered, the exchange has started its global expansion plan as it applied for a license with Japan’s Financial Services Agency (FCA) and with Thailand’s Securities and Exchange Commission (SEC).


Notice: compact(): Undefined variable: limits in /home/admin/web/bitcoingalaxynews.com/public_html/wp-includes/class-wp-comment-query.php on line 853

Notice: compact(): Undefined variable: groupby in /home/admin/web/bitcoingalaxynews.com/public_html/wp-includes/class-wp-comment-query.php on line 853

Add a comment