On June 20, all deposits and withdrawals were suspended to update the platform and improve security system to avoid further threats. Initially, the bithumb team has recovered around 16$ million from the hack, but later controversy increased as the chairman of Financial Service Commission Kim Yong-bum got disappeared, and bithumb stopped all further deposits and withdrawals.
As per the report on July 15, there are still no updates for the investors to withdraw their balances from the exchange.
On release of news by South Korea Blockchain Association which required approved adequate security measures and internal management system for all crypto exchangers, the investors of Bithumb expressed their concern to SKBA as bithumb was too approved by SKBA.
The arrangement of Bithumb to be the first in extending to the European and Asian market termed to be a scandal which had shocking news to all investors and pondering about the long-haul fate of the organization. The investors require bithumb to take care of issues relating to the June security breach before considering different approaches to grow to various markets.
The latest financial publication updated the earlier reports of bithumb of expanding to three countries Japan, UK and Thailand have already initiated the legal process from the Japanese government to establish herself as cryptocurrency exchange. Japan had a vital role in regulating cryptocurrency sector accounting more than 50% of the global exchange market.
A representative of bithumb concluded on targeting the digital currency market of Asia with an expectation of giving crypto-to-fiat bolster in each locale that has managed cryptographic money exchanging.
