Hacked Cryptocurrency Exchange Bithumb Reopens Deposits and Withdrawals

  • Bithumb has recently announced it's going to reopen deposits and withdrawals for 10 cryptocurrencies.
  • The exchange froze these after being hacked in June.

Hacked South Korean cryptocurrency exchange Bithumb has recently revealed that, following a security breach that led to a loss of over $30 million, it’s going to reopen deposits and withdrawals on its platform today, August 4.

The exchange’s announcement was originally made via Twitter. Through a blog post, the company detailed that only 10 cryptocurrencies – bitcoin, ethereum, Ripple’s XRP, ethereum classic, qtum, litecoin, bitcoin cash, monero, zcash and mithril – were approved for deposits and withdrawals for now.

This means that, on its platform, 25 cryptocurrencies will remain suspended because of security concerns. The company’s post reads (roughly translated):

Some cryptocurrencies with a significant price difference of about 10 percent between Bithumb market and standard market will be opted out for this customer's asset. When services return to normal, rapid changes in price are expected. Therefore resuming normal services for such cryptocurrencies will be put on hold for the time being.


The crypto exchange further added that its users will need to create new deposit addresses if they want to add funds to their accounts, and that uncredited deposits made while its services were suspended will be returned.

Bithumb’s Security Breach

As CryptoGlobe covered the cryptocurrency exchange was hacked in June, and lost over $30 million as hackers took 2,016 BTC, 2,219 ETH, 692 BCH, and 5.2 million XRP, along with various other cryptos.

Once the breach was discovered, Bithumb quickly froze transaction services and hastily moved all of its funds stored in hot wallets to cold storage, to prevent further damage. It then went through maintenance periods and security reviews, which affected its reputation.

Since then, the exchange revealed it managed to recover $14 million, and noted it will compensate losses through a coupon-based plan. After the breach, the Korea Blockchain Association (KBA) inspected the firm’s operations, and certified it as one of the 12 crypto exchanges that passed the check, out of 23 in South Korea.

Other exchanges that passed the check were OKEx, Huobi Korea, Korbit, and Upbit. The market particularly welcomed Bithumb’s recovery, however, as it was the country’s largest exchange by trading volume before the security breach.

As covered, the exchange has started its global expansion plan as it applied for a license with Japan’s Financial Services Agency (FCA) and with Thailand’s Securities and Exchange Commission (SEC).

Microsoft's Bing Reportedly Blocked Over 5 Million Cryptocurrency Ads Last Year

Francisco Memoria

Microsoft’s search engine Bing has reportedly blocked over 5 million cryptocurrency-related ads last year, as a result of a ban the search engine enacted in an attempt to protect its users from fraudsters.

According to Bing’s ad quality review, the company’s bad account takedowns doubled in 2018, with cryptocurrency, weapons, and third-party tech support scams being the main problems it faced. Overall, Bing suspended “nearly 200,000 accounts” last year, and removed 900 million ads from its platform.

As covered, Bing banned cryptocurrency-related ads back in May, in a move it claimed was made to protect users from scammers, as the crypto market being unregulated meant cryptocurrencies “present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.”

At the time Melissa Alsoszatai-Petheo, who published the company’s blog post on the move, wrote:

To help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options. Bing Ads will implement this change to our financial product and services policy globally in June, with enforcement rolling out in late June to early July.

The move saw cryptocurrencies join other questionable products and services Microsoft banned from its platform. These include Ponzi and pyramid schemes, and the mentioned third-party tech support scams.

Bing notably banned cryptocurrency-related ads following bans enacted by search giant Google and social media giant Facebook. These two firms have since started allowing crypto-related ads from a few companies.

At the time, various cryptocurrency associations threatened lawsuits against the tech giants over what they claimed to be “cartel collusion” against cryptos, made in an attempt to manipulate the market.

Although Microsoft’s search engine has banned crypto ads, the tech giant itself has been accepting bitcoin payments since 2014. Its website even has a how-to page walking users through the process of topping up their accounts using BTC.