Bithumb Restarts Bitcoin And Ethereum Exchange Withdrawals and Deposits Following Hack

Bithumb Resumes Bitcoin (BTC) And Ethereum (ETH) Withdrawals And Deposits

Bithumb may be one o the largest exchanges in South Korea, but it is also one of the most controversial ones. Now, the company is currently in a very bad situation after it was hacked and the controversies are only piling up.

Some weeks ago, a hack in the company made it lose millions of XRP and EOS tokens. After that, they had to ask users to stop withdrawing and depositing money, as the Korean authorities were investigating the exchange.

The company believed that the hack was an inside job and that some person related to the company may have decided to steal money from it. Now, however, Bithumb is pushing for a partial resumption of the services right now and it has affirmed that people will be able to withdraw some kinds of assets.

Initially, the suspension of the services was deemed as a necessary measure in order to review what happened together with the authorities and to audit the assets that the company currently had using a third party company.

The services will be resumed now will be the withdrawals and deposit services for Bitcoin and Ethereum, two tokens that were not so heavily affected by the hack like some others that are being offered by the company.

Bithumb has affirmed that it is doing this as a way to minimize the inconveniences that have been caused to its users after the company had to shut some of its services down.

More Security In The Future

The company has also announced that it intends to have more security measures in the future. It has promised to create enhanced security systems that will help to monitor all the activities on the company and to guard the assets of the users better. However, the company did not explain how it was going to do it at the time.

All deposits made during the suspension period will be resumed on April 17 when the exchange will finally unfreeze the services and process them.

Bithumb is living a very mixed time. The exchange, despite being hacked, lost $180 million USD in 2018 because of the bear market. However, it has also received an investment of over $200 million USD led by a Japanese firm and it is planning an expansion into the Western markets. The company may be having trouble, but it seems to be preparing for a very bright future.

Bitcoin’s Median Transaction Is 130 Times Larger than Forks Bitcoin Cash (BCH) or Bitcoin SV (BSV)

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