Following a disastrous security breach in June that led to losses of more than $30 million, Korean cryptocurrency exchange giant Bithumb has announced that it is set to resume deposit and withdrawal services on its platform. The announcement, which was made earlier today on Twitter, revealed that the services would be restored on August 4, 2018, at 11 a.m. KST.Suspension and MaintenanceIn June 2018, following the much-publicized hack that led to the hot-wallet theft, the platform temporarily disabled all currency transaction capabilities. Funds were hurriedly moved into cold storage wallets, and a moratorium was placed on all deposit and withdrawal services. The platform then announced some maintenance periods and security reviews, which led to significant downtime through much of July, although trading activities continued in between downtime periods.Following a series of inspections carried out by the Korea Blockchain Association, Bithumb was certified as one of the 12 crypto exchanges that passed the check, out of 23 exchanges currently operating in Korea. Other crypto exchanges that passed the tests included Korbit, Huobi Korea, OKEx and Upbit, but the crypto market particularly welcomed Bithumb's return because it was Korea's largest crypto exchange by volume before the hack.Due to the fund movement restrictions put in place after the hack, customers were unable to move their funds, and this had a ...
