Crypto Exchange Bithumb Appeals Users to Avoid Making Cryptocurrency Based Deposits

Bithumb, the famous cryptocurrency exchange noticed a hack on March 29, 2019. Due to the hack experience, the South Korean based cryptocurrency exchange Bithumb is now requesting the users to stop making cryptocurrency deposits. The main objective for issuing the official notice is to verify the assets of the members via external organization. The information was recently published by the cryptocurrency exchange through a blog post.

Do not make cryptocurrency deposits in Bithumb

The cryptocurrency exchange mentioned that all the cryptocurrencies that were retrieved in unusual conditions are owned by the company and the assets of the users are fully secured in cold storage wallet.

A founding partner of Primitive, Dovey Wan, a few days ago said that the cryptocurrency exchange Bithumb was hacked and made the company lose more than 3 million EOS. Bithumb has lost some of XRP tokens during the hack.

Dovey Wan, posted on the social media site Twitter,

Later the cryptocurrency exchange described that the company is planning to carry due diligence review on all the assets which the company holds by using reliable external audit. The process of due diligence review will be conducted along with an accounting firm which will offer the distinct information of all the assets which are maintained by the firm.

Additionally, the company will be working over the investigation of the hack incidence in association with the local law enforcement organizations.

Bithumb noted in a blog post –

“Due to this reason, we ask you to stop making deposits until there is a separate announcement. Please note that the deposits will not be processed until the deposit service is resumed.”

Further, the blog post stated-

“However, the deposit and withdrawal services for the newly listed cryptocurrency that are not related to the accident will proceed separately.”

Bithumb will further provide the information related to the financial investigation that will be carried out. The company has promised that they will reveal the result and the progress of the financial investigation in a fully transparent manner.

A New Zealand-based cryptocurrency exchange; Cryptopia was recently hacked in 2019. Cryptopia is currently working with the law enforcement authorities and giving all the necessary information to users of the investigation and about the proceedings.  There are various firms who will be following the case of Bithumb. Bithumb is one of the most significant cryptocurrency exchange in the market.

Bithumb has officially posted about the notice on Twitter stating that they request you to stop making deposits of cryptocurrency in Bithumb, so that the team can verify the assets of the members through the external organization.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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