Bithumb Exchange Back With Deposits and withdrawal service

Bithumb announces the re-opening of its suspended withdrawal and deposit services. For now, just 10 cryptocurrencies have been approved for the service resumption.

The services will recommence on August 4 at 11am KST.

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Bithumb announced the resumption of the services on its twitter account on August 3, 2018.The suspension of the services on the trading platform came after the hack on the exchange’s hot wallet earlier this year. According to reports, the June hack occasioned the loss of tokens worth more than $30 million.

Bithumb introduces additional changes

The resumption of services is currently not all encompassing. That is because the exchange has approved only 10 cryptocurrencies for this first round of service resumption. The digital currencies approved includes Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Ethereum Classic (ZEC), Bitcoin Cash (BCH), Qtum (QTUM), Mithril (MITH), Litecoin (LTC) , Monero (XMR) and Zcash (ZEC). For now, resumption of withdrawal and deposit transactions on 25 other virtual currencies have not yet been approved.

Also, Bithumb announced a change in all deposit addresses and the need for all customers to request for new addresses. Further, it noted that every uncredited deposits made while the services were suspended will be returned to the users.

Effects on South Korean Crypto Market

Prior to the hack, Bithumb ranked as one of South Korea’s biggest exchanges per its volume capacity. It was also one of the 12 exchange operators that passed several inspection processes undertaken by the Korean Blockchain Association last month. Reports have it that Bithumb’s absence from the crypto sphere negatively affected the Korean crypto market. Among other effects, the exchange’s absence caused several investors to take a negative hint from the hack. At the moment, several people remain expectant that its return to its regular operations will have a positive effect on the Korean crypto market. The exchange is, however, still unable to renew and establish contracts with banks. This inability has caused the exchange to suspend issuance new
virtual accounts linked to banks.

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Ifeanyi Egede is an experienced and versatile blockchain/crypto writer and researcher on with tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids. Learn more about how Ifeanyi Egede could be of help to your business.

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