Featured, International

Bithumb Exchange Unfreezes Withdrawals, Resumes Deposits

The Bithumb exchange announces to unfreeze withdrawals and resume deposits on August 4. Earlier, the exchange had suspended all withdrawal and deposit services on the platform post the hack in June on a hot wallet. As a result of this hack, the exchange lost tokens worth around $30 million.

Bithumb made this announcement on its official Twitter handle. However, as of now, it has approved only 10 cryptocurrencies for the first round of service resumptions. These currencies include Ethereum (ETH), Bitcoin (BTC), Ethereum Classic (ETC), Ripple (XRP), Litecoin (LTC), Qtum (QTUM), Monero (XMR), Bitcoin Cash (BCH), Mithrill (MITH), and Zcash (ZEC). The withdrawal and deposit services on 25 other cryptocurrencies continue to remain suspended.

Bithumb also announced that all deposit addresses have been changed. It has requested its customers to generate new ones. It further mentioned that all uncredited deposits that were made while the services were on hold will be returned.

Bithumb Suspends The Issuance Of New Bank-Linked Virtual Accounts

The Bithumb exchange was one of South Korea’s largest exchanges in terms of volume before the hack. It was one of 12 exchange firms that passed a series of inspections carried out by the Korean Blockchain Association in July.

After clearing the assessment and announcing its gradual return to regular operations, a lot of investors hope that it will have a positive impact on crypto trading in South Korea. However, despite this, the exchange is unable to establish and renew contracts with banks. As a result, it had to suspend the issuance of new bank-linked virtual accounts, as reported by CCN.

Earlier in January, regulators banned cryptocurrency trading via anonymous virtual bank accounts. In order to facilitate the linking of traders exchange wallets to their bank accounts, the exchanges need to establish contracts with local banks. Such contracts need to be renewed every six months.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
coinmag

Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

Leave a Comment

Your email address will not be published. Required fields are marked *