The South Korean cryptocurrency exchange Bithumb has now reopened options for withdrawal and deposits after a recent cyber attack. Users can now conduct operations with their funds in Korean won from authorized bank accounts, according to the official announcement. The website will no longer provide victims of a cyber attack with zero commission trading coupons. All those who applied for compensation before July 16, will receive tokens during Airdrop-shares.
WHY IS IT IMPORTANT?
1. Almost a month ago June 20, Bithumb, one of the largest crypto exchanges in Asia was attacked by hackers. The culprits managed to steal about $31 million worth in cryptocurrencies.
2. Administration of the site has promised to compensate the losses from Bithumb’s own funds. Later it was reported that Bithumb managed to halve the damage from hacker attacks through third-party financial injections. Most assets stolen were stored in bitcoins (Bitcoin), ethereum (ETH/USD), bitcoin cash (EXANTE: Bitcoin.Cash), and XRP (XRP/USD). The recent attack led to the tightening of the regulations for crypto exchanges operating in South Korea.
Currently, the trading volume at Bithumb is four times bigger than the sum total trading volume of all Korean crypto exchanges according to their own statement.