South Korea's leading virtual currency exchange Bithumb is set to reopen withdrawals and deposits today, according to an official announcement August 4. The world's twelfth largest cryptocurrency exchange by trade volume noted that the time for resuming withdrawals and deposits has been moved from August 4 at 11 a.m. [Korea Standard Time] to 7 p.m. [KST]. In a separate post, Bithumb stated that it is first reopening the withdrawal and deposit services for nine altcoins, adding that it has been slightly delayed in order “to provide a more stable service environment.” At the end of June, hackers stole around a …
Hacked South Korea crypto exchange Bithumb has lowered the estimated amount of money lost in the hack from 35 billion won (about $31 million) to 19 billion won (about $17 million), according to a support announcement Thursday, June 28. Bithumb first reported the hack on June 20, temporarily suspending all deposits and withdrawals. The South Korean Ministry of Science and Technology has since launched a probe into the causes behind the hack. Bithumb writes today that the “main reason” for lowering the loss estimation to $17 million is the “ongoing participation, support, and cooperation of the cryptocurrency exchanges and cryptocurrencies …
On June 19, Bithumb, South Korea’s number one crypto exchange, was hacked. The attackers stole cryptocurrencies worth $30 million, making it one of the largest heists of the year so far. While the exchange has already promised to compensate its users, the damage has been done: yet again, it has become evident that even the biggest players cannot guarantee total safety. Indeed, the crypto world hasn’t been the same since the Mt. Gox collapse. Still, it comes down to how these attacks are handled in the aftermath: while some go MIA or start diffusing the responsibility, others choose to rebuild …
The crypto markets are continuing to take a tumble today, June 23, following slew of FUD-like news from the crypto sector in South Korea and Japan. Market visualization from Coin360 Leading South Korean exchange Bithumb was hacked for $30 million, and Japan’s financial regulator FSA has apparently renewed their crackdown on cryptocurrency exchanges after sending out six more business improvement notices this week. Bitcoin (BTC) is edging closer to $6,000, trading for around $6,105 at press time, down less than 1 percent over a 24 hour period. Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index Ethereum (ETH) is slightly down, …
South Korean crypto exchange Bithumb has today confirmed it will reimburse users affected by the theft of 35 bln won (about $30 mln) from its hot wallet two days ago, in an official announcement today, June 21. At the time of the hack, Bithumb was ranked sixth largest crypto exchange by trade volumes globally, but has now dropped to tenth place following news of the high-profile incident. Bithumb today says there will be “no damage” to its customers as a consequence of the theft, emphasizing its strict separation of customer and company assets, the latter of which it says are …
The recent hack of leading crypto exchange Bithumb “doesn’t really change the fundamentals of Bitcoin” Litecoin (LTC) founder Charlie Lee stated in an interview with CNBC June 20. According to Lee, the price drop is a typical reaction of the market to the news about the hack, and “it happens all the time,” because people get scared. According to Lee, the hack of a crypto exchange does not affect Bitcoin’s (BTC) fundamentals just in the same way as a bank robbery should not affect the price of gold: “If the exchange does not protect the coins well enough and gets …
South Korea’s biggest cryptocurrency exchange Bithumb is scrambling to protect users funds after a large scale hack. Initial reports from the Yonhap new agency indicate that over $30 million worth of cryptocurrencies were stolen during a cyber attack on June 19. Cointelegraph Japan was informed that the hot wallet was hacked during the night and cryptocurrency stolen included Ripple. Once the exchange was made aware of the attack, it froze deposit and withdrawal services. Bithumb has already assured customers affected by the hack will be compensated for their losses. “We checked that some of cryptocurrencies valued about $30 million was …
This article does not contain investment advice or recommendations. Every investment and trading move involves risk. You should conduct your own research when making a decision. Bithumb, South Korea’s largest cryptocurrency exchange, is on a mission to drastically improve the adoption of digital currencies in the country and evolve into a bank-like business to ensure its users can use cryptocurrencies with ease, like cash. Kiosks, ATMs, and Major Integrations In 2018, within a four-month period, Bithumb has secured partnerships with the country’s third largest e-commerce platform, WeMakePrice, and the biggest local hotel booking platform, Yeogi Eottae. Both platforms are expected …
South Korea’s largest cryptocurrency exchange Bithumb has partnered with BitPay to compete in the international remittance market, an executive announced March 13. Speaking to CNBC about the deal, BitPay chief commercial officer Sonny Singh said businesses would now be able to convert invoices to Bitcoin and use BitPay to settle them faster and more cheaply than via conventional bank-based remittance channels. “Cross-border payments between Korea and the West will be a $200 bln industry this year,” he told the network. “Right now, people are doing cross-border payments […] and paying bank wires, FX fees around 4% and it takes about …