Bithumb Crypto Exchange Re-opens Deposits and Withdrawals

In mid-June 2018 Bithumb was hacked for $31 million worth of cryptocurrency and subsequently halted all withdrawal and deposit services.

On Aug. 4 Bithumb resumed the services for 10 specific cryptocurrencies.

South Korean cryptocurrency exchange Bithumb announced on Twitter that deposit and withdrawal services will resume at 11 a.m. KST on Aug. 4, 2018.

Bithumb suspended withdrawal and deposit services for all of its cryptocurrencies following a large-scale hack on June 19, 2018.

Bithumb is the second largest South Korean digital asset exchange by 24-hour trading volume and holds 33 percent of the domestic market share, according to data by FinTechNews.

In the announcement, Bithumb states that market price fluctuations are the reason for excluding some cryptocurrencies from the service resumption.

It seems Bithumb services will continue for the full list of cryptocurrencies once prices stabilize on the exchange.

Bithumb further notifies users that they will need to request all new deposit addresses.

Bithumb reportedly terminated its original contract with Shinhan Bank and opted to renew a separate contract with NH Nonghyup Bank but was recently denied.

Among the top-4 cryptocurrency exchanges in South Korea, Bithumb is currently the only operator without a commercial banking partnership.