Bithumb resuming deposit and withdrawal function, can it regain former glory?

04 Aug, 2018
by Arthur Sillers
Bithumb resuming deposit and withdrawal function, can it regain former glory?

South Korean exchange Bithumb is resuming its withdrawal and deposit functions, ending months long suspension after a major hack in June

Before the hack, Bithumb was one of the most important exchanges in the South Korean crypto ecosystem, a country which represents a large portion of cryptotrading globally.

In June, Bithumb was victim to a well publicized attack which netted hackers $30 million worth of cryptocurrency.

Bithumb had suspended virtual banking services until today, having announced via Twitter that it is unfreezing deposits and withdrawals.

This time around, it is clearly taking a cautious route, only offering trading on 10 cryptocurrencies for the time being. Additionally, Bithumb is still suspending previously offered services which linked banks to exchange accounts. Banks appear wary to resume contracting with Bithumb due to security concerns, not to mention strict regulation on digital banking in Korea.

The Korean crypto market saw significant losses as a whole following the fiasco. Bithumb's return of services could bring Bithumb to its previous market position, but users will remain wary until its security procedures show themselves to be consistently effective.

The coins currently listed on the exchange are:


Read more about: Bithumb


Will Bithumb return to its position as a leading exchange and crypto bank in Korea?

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