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South Korean Crypto Exchange Bithumb Re-opens Deposits & Withdrawals (including XRP)

South Korean cryptocurrency exchange Bithumb will resume deposit and withdrawal services on Saturday at 11 am KST. The exchange had suspended all deposits and withdrawal services on its platform following the June hack on a hot wallet, which led to the loss of tokens valued at over $30 million.

Hacked Crypto Exchange Bithumb Unfreezes Withdrawals

The exchange made the announcement earlier today via a tweet on its official Twitter handle.

[Re-open deposit and withdrawal services]■ Timeline for the first round deposit and withdrawal services : 4 Aug, 2018 11 AM[KST] ■ List of cryptocurrencies (10 in total) : BTC, ETH, XRP, ETC, QTUM, LTC, BCH, XMR, ZEC, MITH ▶ https://t.co/Usl99VGvD1 — Bithumb (@BithumbOfficial) August 3, 2018

However, only 10 cryptocurrencies have been approved for the first round of service resumptions, namely Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Ethereum Classic (ETC), Qtum (QTUM), Litecoin (LTC), Bitcoin Cash (BCH), Monero (XMR), Zcash (ZEC), and Mithrill (MITH). Deposit and withdrawal services on 25 other cryptocurrencies remain suspended.

An excerpt from a post on Bithumb’s website about the continued suspension 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.”

It was also announced that all deposit addresses had been changed and customers are to request for new ones. All uncredited deposits made while services were on hold will also be returned.

Suspension of Bank-Linked Virtual Account Issuance Source: Shutterstock

The exchange operator, which was among South Korea’s largest exchanges by volume before the hack, is one of 12 exchange firms to pass a se...

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