Once crooked, Bithumb Crypto Exchange has geared itself to come back into the action and announced that the exchange had started Bithumb exchange withdrawals and deposits on 4th August at 11 am KST of this year. They announced it on their official Twitter handle.
The South Korean crypto exchange is playing safe and is open for only 10 cryptocurrencies including bitcoin, Ripple’s XRP, Ethereum classic, Ethereum, Qtum, Bitcoin Cash, Litecoin, Monero, mithril, and zCash. Authorities have suspended the remaining 25 cryptocurrencies due to security concerns.
The financial setback
Bithumb exchange withdrawals were going on in full swing when it hacked on June 19, 2018. In that fraudulent, Bithumb lost $31 million worth of cryptocurrency which led to putting a halt on Bithumb exchange withdrawals and deposits. The exchange was in its recovery stage since then.
The return of the king
Bithumb is South Korea’s second largest digital exchange which has its clutch over 33% of the domestic market area. With the 24-hours trading volume of bithumb exchange withdrawals, it is now back in action. Its absence has made a negative impact in the Korean crypto market as investors had trust issues over the virtual currency dealing.
The exchange has now gone through a series of test and inspections prescribed and carried by Korean Blockchain Association and declared safe to deal with. It has also updated its security system to prevent any sort of hacking and virtual fraud in the future. As of now, it is dealing with only 10 cryptocurrencies as the constant fluctuations in the market price of others make them prone to lose investors.
The exchanged has haven’t made any announcement whether it will resume the bithumb exchange withdrawals of other 25 cryptocurrencies in future or not but there are assumptions that it will take them on board once prices are stable.
The exchange has requested the users to provide ten mew deposited addresses. The bithumb exchange has also assured its traders that all their due and uncredited deposit that was made during the time period of the halt will be credited soon in their new deposit addresses.
