Bithumb Exchange Ready To Unpause Deposits And Withdrawals For Different Digital Assets
The South Korean cryptocurrency exchange Bithumb, hacked on March this year, will resume withdrawals and deposits for three of the largest digital assets that it deals with. The information was released by the company in a recently released blog post. The digital currencies that will be available for trading include Bitcoin Cash (BCH), EOS and XRP.
Bithumb Resumes Trading For Three Cryptos After Hack
The virtual currency exchange Bithumb was affected by a hack on March 29 and decided to protect users’ funds in order to avoid further problems. This is why the platform suspended trading of different digital currencies. The reason for resuming trading of these digital assets was to minimize the inconvenience to members using this platform.
On the matter, the exchange wrote:
“At the moment, when the security enhancement that we anticipate will be completed, deposit and withdrawal will resume in about a month. We will proceed with the resuming sequentially considering the price difference and service stability.”
Users will be able to execute deposits and withdrawals as soon as on May 17. Trading for other virtual currencies will be resumed later. The intention is to enable withdrawals and deposits as soon as the third quarter of the current year.
The platform lost 3 million EOS that was worth around $13 million. The information was revealed by Dovey Wan of Primitive Ventures. She explained that the South Korean cryptocurrency exchange was affected by an attack on its hot wallets. It is worth mentioning that part of the stolen funds was moved to other exchanges and transformed into other digital assets.
In order to recover the funds lost, the exchange worked with the KISA, Cyber Police Agency, and other companies. The platform has also lost 20 million XRP valued at $6 million.
There have been several exchanges hacked over the last years. Just last week, Binance was hacked losing over 7,000 Bitcoin (BTC) valued at $40,000,000 at the time of the attack. This was the first time that Binance was affected by an attack. This is why the best thing to do is to store funds on hardware or cold storage wallets.