Bithumb Issues Official Notice Requesting Users to Stop Making Deposits of Cryptocurrency

The South Korean cryptocurrency exchange Bithumb is requesting users to stop making deposits of cryptocurrency. The intention is to check the member’s assets through external organization. This comes after a hack experienced by the exchange on March 29, 2019. The information was released by the exchange in a blog post a few hours ago.

Stop Depositing Cryptocurrencies in Bithumb

According to the exchange, all the cryptocurrencies that were withdrawn in abnormal situations is owned by the company and users’ assets are protected in a cold storage wallet. Dovey Wan, a founding partner of Primitive, reported a few days ago that Bithumb got hacked losing over 3 million EOS. The firm has also lost some XRP as well.

The exchange explained that they are planning due diligence review on all the assets they hold through a “reliable external audit.” The process will be carried out with an accounting firm that will provide clear information about the assets held by the company. Moreover, they will also be working on an investigation of this incident with local law enforcement organizations.

Bithumb wrote in the blog post:

“Due to this reason, we ask you to stop making deposits until there is a separate announcement. Please note that deposits will not be processed until the deposit service is resumed. However, the deposit and withdrawal services for the newly listed cryptocurrency that are not related to the accident will proceed separately.”

The company will also be providing information about the financial investigation that will be carried out. They promise that they will be disclosing the findings and the progress of the investigation in a transparent manner.

Cryptopia, a New Zealand-based cryptocurrency exchange hacked earlier this year, has been working with law enforcement authorities and providing all the required information to users as the investigation proceeded. Thus, there will be several individuals following Bithumb’s case, one of the largest cryptocurrency exchanges in the market.

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