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Bithumb resumes Bitcoin [BTC] and Ethereum [ETH] withdrawal and deposit services

Jibin M George

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Bithumb resumes Bitcoin [BTC] and Ethereum [ETH] withdrawal and deposit services
Source: Pixabay

Bithumb, one of South Korea’s leading and more controversial crypto-exchanges, has been in the news for quite a while now. Just a few weeks ago, the exchange was hacked, contributing to the loss of millions in XRP and EOS. Almost two weeks after the exchange asked users to stop withdrawals and deposits, Bithumb today announced the partial resumption of the services.

Following the hack, which the exchange claimed was an inside job, Bithumb had asked its users to stop making cryptocurrency deposits while an investigation by KISA and several cyber-security agencies was still underway. The full statement read,

“We would like to ask you to stop making deposits of cryptocurrency in order to check our member’s assets through external organization and to cooperate with the investigating agency in connect with an accident that is supposed to be an internal embezzlement that occurred on March 29th.”

The suspension of these services was deemed “necessary” by the exchange, while a “fair and objective due diligence review” of all cryptocurrency assets held by Bithumb was conducted by an external auditing firm.

The South Korean exchange tweeted that it will be partially resuming withdrawal and deposit services on April 17, 2019, at 3 pm, local time. For the time being, this resumption of service will apply only to Bitcoin [BTC] and Ethereum [ETH] deposits and withdrawals, Bithumb’s blog read. It also stated that this was an attempt at “minimizing the inconvenience” caused by the suspension of services previously.

The exchange also announced that it will be resuming these services with additional and “enhanced security and monitoring systems” in order to safeguard its users’ crypto-assets. However, the exchange failed to go into the specifics of what changes it had made to its security system.



Bithumb’s blog concluded by stating that any cryptocurrency deposits made during the period of suspension would be processed sequentially, when services resume on April 17.

The development would be one of the few pieces of good news for the beleaguered exchange. Recent reports suggested that the exchange incurred a loss of $180 million, since the price of Bitcoin dropped in 2018. Following mounting losses, the exchange had to lay off over 50% of its staff last month.





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Altcoins

Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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