On June 20, Bithumb suspended all deposits and withdrawals to update its platform and strengthen its security system to prevent further threats. Initially, the Bithumb team recovered around $16 million from the hack. However, the situation grew more controversial when Financial Services Commission Chairman Kim Yong-bum disappeared and Bithumb halted all subsequent 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.
After the South Korea Blockchain Association (SKBA) released news requiring all crypto exchanges to implement adequate security measures and an internal management system, Bithumb investors expressed their concerns directly to SKBA, especially since SKBA had also approved Bithumb.
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.
