The trials and tribulations of the South Korean crypto exchange platforms and ICO projects have been major news in the crypto-sphere over the first half of 2018. One of the largest exchanges in Korea, Bithumb, has recently announced it will be reopening its deposits and withdrawals service for the first time since June.
Cyber and crypto theft has been a major problem in recent months, with Bithumb undergoing attacks in June that saw the suspension of their deposits and withdrawals services, which is now being reinstated.
Interesting times for the Korean crypto exchange
Bithumb is a popular Korean crypto exchange that has had its fair amount of troubles over the past few months. If it isn’t difficult enough already to keep in line with Korea’s stringent crypto regulations, the news in June that Bithumb had succumbed to a hack on a hot wallet was something that the exchange didn’t need to hear.
Deposits and withdrawals on the exchange were suspended in June proceeding the hack, which is believed led to losses of over USD 30 million. The exchange announced earlier today (August 4) that the first round of deposits and withdrawals will soon be available across a list of ten of the most established cryptocurrencies.
The ten cryptocurrencies now eligible for the reopened deposits and withdrawals include bitcoin, ether, ripple, litecoin, bitcoin cash, monero, Qtum, Zcash, and mithril. At this moment in time, only ten currencies will be available, while the suspension remains intact for the other 25 currencies on the Korean crypto exchange.
Bithumb has released a statement on their website that further details the suspension by stating that “Some cryptocurrencies with a significant price difference of about 10% between Bithumb market and the 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.”
Another announcement regarding the changes is that all deposit addresses have been changed and customers should request a new one immediately.
Recovering from cryptocurrency theft
The Korean crypto exchange was hit by hackers this year, and although it wasn’t the only one to suffer this plight, it was the most well publicized. Before the hack, Bithumb was the largest exchange in Korea in terms of volume. Korean crypto regulations are some of the toughest in the world, so it was great news when the exchange passed the inspections carried out in July by the Korean Blockchain Association (KBA).
The KBA’s checks were performed on 12 major Korean crypto exchange platforms in a bid to test the security features of the exchanges. The other platforms that passed the inspections with Bithumb include Huobi Korea, Korbit, Upbit, and OKEx.
Bithumb being absent from the market had a massively negative effect on the Korean crypto markets and industry, as news of the hack affected confidence. However, since passing the KBA security checks, confidence has returned, which will hopefully have a positive effect on the markets.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.