Bithumb, the largest South Korean cryptocurrency exchange disabled deposits and withdrawals after getting hacked. It was reported that $30 million worth cryptocurrency was stolen from the exchange which made the exchange to suspend all transactions including deposit and withdrawal.
Later to the attack, Bithumb made an official announcement which mentioned that the loss wasn’t worth $30 million, it was actually worth $17 million. But to keep the funds safe, the South Korean cryptocurrency giant had to leave the digital assets in a suspended form.
If you’re holding cryptocurrencies on the exchange, then this is going to be a very good news for you. The South Korean cryptocurrency giant has announced that it’ll be resuming the deposits and withdrawals of 9 cryptocurrencies at 7.00 AM KST on August 4, 2018.
Originally, the exchange wanted to resume it by 11.00 AM KST, but it made a separate announcement about the delay. According to it, the delay was for bringing better stability and security to the exchange. The cryptocurrencies which have been enabled are Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Bitcoin Cash (BCH), ZCash (ZEC), Qtum (QTUM), and Mithril (MITH.)
The announcement also mentions that they’ve not enabled Monero (XMR) which could mean that there are chances that, the attacker might have used this currency during the attack. There are incidents reported by people where attackers generally prefer Monero during such attacks. Maybe, it’s because it’s the most anonymous cryptocurrency.
Even after enabling deposits and withdrawals, the exchange forbids the users from depositing more cryptocurrencies to their account. Bithumb is ranked 12th on CoinMarketCap. This means, it has a significant holdings in the cryptocurrency market. With the resuming, we can hope for more cryptocurrency trading to happen which would lead to rise in the prices of the currencies which are worth.
