South Korean Crypto Exchange Bithumb Reactivates Withdrawals and Deposits


South Korean Crypto Exchange Bithumb reactivates withdrawals and deposits option on its platform following the suspension related to the June hack attack.

6 August, AtoZ MarketsSouth Korean cryptocurrency exchange Bithumb has reopened withdrawals and deposits option on its platform. The company has made an announcement on its website concerning this news.

South Korean Crypto Exchange Bithumb Reactivates Withdrawals and Deposits

The exchange has informed the public that its withdrawals and deposits services have been reactivated on Saturday. Bithumb has highlighted that it had initially planned to re-launch its services at 11 AM local time but eventually had to reschedule the event until 7 PM. According to the additional announcement from the company, the services would be first made available for nine cryptocurrencies. In addition, Bithumb noted that the delay has taken place due to efforts “to provide a more stable environment.”

Bithumb has also stated that it has been carrying out a number of security checks and improvements aimed at the protection of its users’ assets. It also explained that those digital currencies that have a disparity in price between Bithumb and the standard markets of around 10% would not be relaunched at the moment.

Some of the cryptos that can be traded on Bihumb as of now include Bitcoin Cash (BCH), BTC, Ethereum (ETH), Ripple (XRP), Ethereum Classic (ETC), Litecoin (LTC), Monero (XMR), Zcash (ZEC), Qtum (QTUM), and Mithril (MITH). The exchange has changed its wallet addresses for making deposits – thus, users will need to request the new addresses. The company stated that any deposits sent to the old addresses will not be reversed.

Bithumb June Hack

The company has further stated that deposits and withdrawals that are tied to IOS (EOS) and TRON (TRX) and that were transferred to the company’s primary net during the suspension of services are now “scheduled to open after the conversion work is completed.”

Looking back, the services at Bithumb have been suspended after the exchange has been hacked at the end of June. That time, cybercriminals have stolen around $30 million worth of crypto. However, Bithumb has later stated that only $17 million was lost thanks to “ongoing participation, support, and cooperation of the cryptocurrency exchanges and cryptocurrencies foundations across the world.”

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