Bithumb, one of the prominent cryptocurrency exchange platforms in South Korea, is set to unfreeze withdrawals for ten cryptocurrencies on its platform. Meanwhile, the crypto exchange giant continues to experience a significant drop in trading volume due to an embargo on new user accounts.
Details of the Announcement
The platform released an official statement on its website, today (August 4, 2018), announcing its decision to reopen deposits and withdrawals for ten cryptocurrencies. According to the statement, customers would have access to deposits and withdrawals as of 11 a.m. Korean Standard Time (KST).
However, Bithumb released an updated announcement a few hours later stating that the time had been pushed forward to 7 p.m. KST. The platform cited the need “to provide a more stable service environment.” The ten cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Ethereum Classic (ETC), Litecoin (LTC), Bitcoin Cash (BCH), Monero (XMR), Zcash (ZEC), Qtum (QTUM), and Mithril (MITH).
Bithumb also announced that the other cryptocurrencies in its trading catalog remain unavailable for deposit and withdrawal. Explaining the reason for its decision, a post on the Bithumb website reads:
“Some cryptocurrencies with a significant price difference of about 10% between Bithumb market and 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.”
$31 Million Cryptocurrency Exchange Hack
Bithumb suspended deposits and withdrawals in the aftermath of the $31 million hack it suffered in June 2018. At the time, it was the second South Korean platform to fall victim to cybercriminals in June. Coinrail, a lesser known cryptocurrency exchange, had also been hacked.
Less than a fortnight after the hack, Bithumb announced that it had recovered about $14 million–45 percent of the stolen coins. The platform also promised to perform an airdrop to reimburse users who had been affected by the hack.
Bithumb Suffers Cryptocurrency Trading Volume Drop
In another development, trading volume on the platform has tanked significantly due to its embargo on new accounts. In a July 31 blog post, Bithumb announced that it would suspend the account-opening feature on the platform to carry out much needed “service improvement”.
In the aftermath of this decision, Bithumb’s 24-hour trading volume has declined from $350 million to $125 million. The platform is currently ranked 12 based on 24-hour trading volume.
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