Bithumb Announces Reopening of Withdrawals and Deposits for Top Cryptocurrencies

Bithumb Announces Reopening of Withdrawals and Deposits for Top Cryptocurrencies

August 21, 2018 Off Steven Anderson By Steven Anderson

One of South Korea’s “big four” crypto exchanges, Bithumb, announced that it will reopen the company’s withdrawals and deposits for the top nine cryptocurrencies. The declaration was made on August 4, 2018, by the 12th ranking exchange among all other major crypto exchanges in the world. According to the announcement, they had shifted the time for restarting the deposition and withdrawal procedure from 11 am to 7 pm, KST.

In another post, it was indicated by Bithumb that it will be reopening the deposit and withdrawal services of the company only for nine coins. It has been specified that the reason for the procrastinating service is that Bithumb wants to provide a service environment that is more stable. The nine coins able that will be available are BTC, ETH, XRP, ETC, BCH, LTC, ZEC, QTM, and MITH.

In late June, Bithumb suffered a loss in digital currencies amounting to $30 million due to hackers. This prompted the exchange to suspend all their deposits and payments temporarily. It was a major incident that left a huge problem for Bithumb. After a few days, Bithumb amended their previous statement of the total amount that the hackers stole. According to the exchange, the hackers got less than what was previously estimated. It was only around $17 million instead of $30 million.

Bithumb said the online robbers were able to steal less than the previous estimation thanks to the cryptocurrency exchanges and foundations around the world. It is through their continuing support, participation, and cooperation. This was a huge setback but Bithumb was able to roll back up. Once again, it bounced back with almost $124 million trading volume within a 24-hour period, according to CoinMarketCap data.

This trading volume earned Bithumb the twelfth ranking among the entire major and biggest crypto exchanges around the world. The South Korean had a rough patch but it was able to rise again as one of the major exchanges in the world. A few days ago, Bithumb suspends the issuance of new virtual accounts due to not having a banking partner.

Additionally, it suffered a 40% trading drop a couple of days ago after the temporary suspension of opening new accounts. There were no additional details mentioned about the suspension’s reasons but it’s been cited that it was due to the exchange’s failure to renew and sign up with a new bank. While new accounts are suspended, those who already have virtual accounts continue to enjoy the exchange’s benefits.