Bithumb tells users to stop making deposits

02 Apr, 2019
by David Robb
Bithumb tells users to stop making deposits

South Korean crypto exchange Bithumb has released a statement advising users to cease all deposits for the time being. This follows a major hack suffered by the trading platform in recent days.

The hack, which apparently took place on March 29, saw around $20 million worth of XRP stolen, along with $3 million worth of EOS. Some of the funds were sent to the ChangeNOW exchange, which is in the process of helping to recover them for Bithumb.

Read more: ChangeNOW helping to recover stolen Bithumb fundsBithumb's statement on the most recent hack: It was insiders' job

This most recent announcement from Bithumb is presumably intended to prevent any further losses, while the exchange resolves any security vulnerabilities that may have led to the hack. It also confirms again that the hack was a result of "internal embezzlement" of funds, and that the stolen crypto belonged to the exchange, not to customers.

According to the statement, the exchange is "planning (a) fair and objective due diligence review on all assets we hold through a reliable external (accounting firm).In addition, KISA and the police (are conducting) an intensive investigation...Therefore, it is necessary to (secure) the assets through temporary suspension of deposit / withdrawal service"

Read more: Strong institutional interest in crypto in South Korea: 'New use cases will help'

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