The renowned South Korean cryptocurrency exchange, Bithumb has resumed their deposit and withdrawal services from today. It was in June this year when the platform shutdown its deposit and withdrawal services after the hack on a hot wallet leading to loss of $30 million worth of tokens.
The announcement was made earlier today by the Bithumb officials via Tweet mentioning that this exchange platform is going to resume their deposit and withdrawal services from today.
Whats the Catch?
However, the platform has announced that only 10 cryptocurrencies have been approved for the first round of resumptions. These 10 cryptocurrencies include – BTC(Bitcoin), Ethereum (ETH), Ripple (XRP), Ethereum Classic (ETC), Qtum (QTUM), Litecoin (LTC), Monero (XMR), Mithrill (MITH), Bitcoin Cash (BCH), and Zcash (ZEC).
The Bitcoin posted a statement on its website stating the reason for the continued suspension. This post states –
“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.”
After the hack in June, Bithumb has now resumed their deposit and withdrawal services today. However, the announcement came with certain instructions. All the deposit addresses had been changed and the customers have been sent the request to send the request for the new one. There is a good news too, all the uncredited deposits made while the services were on hold will be returned.
This time period of absence of this South Korean Crypto exchange platform, Bithumb has not only affected the platform but had evidently affected the Korean crypto market. After passing the assessment, Bithumb is back in the game and it can be expected that Korea will begin to improve its crypto-market.
Where it has managed to come back with its deposit and withdrawal service there, the reports convey that the platform is still unable to establish the contracts with the banks thus has to suspend the issuance of the new bank linked virtual accounts.
Let’s hope that the platform manages to stand back again and improves the status of cryptocurrency market in Korea.