South Korean cryptocurrency exchange Bithumb announced that it will re-start deposits and withdrawals. Following a major hack in June, the crypto operators suspended deposits and withdrawal services. Bithumb has now lifted the suspension and says these services will be available from Saturday by 11am KST.
[Re-open deposit and withdrawal services]■ Timeline for the first round deposit and withdrawal services
: 4 Aug, 2018 11 AM[KST]
■ List of cryptocurrencies (10 in total)
: BTC, ETH, XRP, ETC, QTUM, LTC, BCH, XMR, ZEC, MITH
— Bithumb (@BithumbOfficial) August 3, 2018
According to its press statement, the resumption of these services will happen in stages. In the first stage, users will be able to deposit and withdraw ten crypto assets which include: Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Ethereum Classic [ETC], Qtum [QTUM], Litecoin [LTC], Bitcoin Cash [BCH], Moreno [XMR], ZCash [ZEC], and Mithrill [MITH.
The exchange said it will support the token migration of TRON and EOS who launched their mainnet during the suspension period. After the token migration, users will then be able to deposit and withdrawal the tokens.
The suspension still holds for some cryptocurrencies, however, in other to protect customers from losses due to wide price fluctuations. Bithumb explained:
“Some cryptocurrencies with a significant price difference of about 10% between Bithumb market and standard market will be opted out in this round in view of protecting our customer’s asset. Since when the services return to normal, rapid change in market prices are expected. Therefore, resuming normal services for such cryptocurrencies will be put on hold for the time being.”
Security Concerns and Security Measures – Aftermath of Bithumb Hack
June 20, Bithumb experienced a cyberattack on its hot wallet and cryptocurrency worth $31 million was lost. It responded by suspending deposits and withdrawals while it conducted security checks. The security concerns that followed seems have adversely affected the exchange as NH Nonghyup Bank reportedly turned down a request to renew its agreement with the exchange citing security concerns from the incident.
This inability to renew its partner bank contract—as required by regulators—led the exchange to halt the creation of new virtual accounts. According to a report on Coindesk, trading volumes on the platform dropped 40%.