Bithumb is one of the most popular crypto exchanges in South Korea, but that doesn’t mean that it has been immune to the spree of crypto exchange hacks that have been occuring. Back in June the exchange was hacked and it made global news. Following the hack, Bithumb proceeded to suspend all services and is now slowly beginning to roll them back out. An estimated $30 million in various cryptos were stolen from the exchange, however it has since clawed most of it back.
The exchange has finally come to an agreement with Nonghyup Bank – the bank supporting the exchange – to begin accepting deposits from new customers. The bank had ceased ties following the hack, but it appears as if the exchange has tightened up its security enough to entice the bank to change its mind.
New Korean Legislation
In January, South Korea implemented a law that meant all exchanges have to keep depositors funds separate from the companies at all times. All South Korean crypto exchanges have had to comply with the laws to prevent another Mt.Gox situation from occurring. All eyes are on the South Korean government as the country awaits more news on rolling back the ICO ban, which came into effect during late 2017. If the government were to roll back the ban on ICOs in South Korea, it could open the door to a whole host of new blockchain companies looking to set up a base in the country.
Bithumb Back on Track
Since Bithumb started accepting new accounts, its daily trading volume has spiked by more than 70% – with BTC, EOS, and XRP making up more than 80% of the exchange’s total trades. This is good news for the recovering exchange, as many other crypto exchanges that have been hacked suffered untimely downfalls. It appears – for now at least – that Bithumb has only seemed to gain popularity following the hack. Big names in the crypto world – such as Charlie Lee – came out in support of the exchange during its hour of darkness and told the crypto world to calm down.
North Korea Joining the Blockchain Revolution
Often the nation hacking South Korean exchanges – or at least blamed for the hacks – has decided it wants to become a major part of the blockchain world. North Korea has announced it will be hosting its first International blockchain conference on October 1st this year. Unfortunately, the reclusive country has been on the wrong side of the crypto revolution so far, often responsible for hackings that cause chaos. Back in 2017, North Korean hacking group Lazarus was exposed as the group behind the WannaCry malware attack, which compromised UK NHS computers that were vital to giving patients medical treatment.
The news of Bithumb’s new contract with its bank is clearly exciting South Korean crypto traders, as the increase in volume is vital for the platform to continue developing and growing. While it is only the sixth most popular exchange in South Korea – by trade volume – this new lease of life could soon see it take to the top of the charts.