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

Jibin M George



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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Tron [TRX] surges by over 6% as token storms back into the top 10




Tron [TRX] price surges by over 6% as token back in top 10 as bulls take control
Source: Pixabay

Tron’s [TRX] price was surging, even as the cryptocurrency market cooled down following a brief rally anchored by Bitcoin [BTC]. The collective market cap stood at $324 billion. Following the surge, the token was back among the top 10 coins of the cryptocurrency market, a month after CEO Justin Sun promised the same. His tweet had said,

“#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let’s wait and see! #BTT $BTT $TRX #TRX”

However, despite the fact that Tron’s native token was prospering, BitTorrent [BTT] was still down at the 35th position on CoinMarketCap.

Despite low trading volume lately, TRX gradually climbed to break its resistance at $0.035. The latest bullish swing was speculated to lead TRX to breach the much-awaited $0.04 resistance.

Tron’s climb up the charts and into the top 10 is a surprise for some, especially since Tron overtook Cardano. The Charles Hoskinson-led crypto is still on a high after recent updates in its ecosystem, including the Shelly testnet going live.

Tron however, has not being standing idly. Recently, CEO Justin Sun revealed that Tron’s DApp trading volumes has exceeded those of EOS and Ethereum. Further, the Tron Foundation recently released a version of the Odyssey update on its mainnet. Further, Tron’s blockchain saw the release of a USD-backed stablecoin by Carbon recently.

Tron [TRX] 1-hour chart

Source: TradingView

Tron was up by 6.40% over the past 24 hours, driving its valuation to $0.039. Additionally, the digital asset rose by 3.7% over the last hour, at press time. TRX registered a market cap of $2.58 billion and a 24-hour trading volume of $900 million. The exchange with the highest TRX trading volume was, contributing 9.52% to the volume via the TRX/USDT trading pair.

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