South Korean cryptocurrency exchange Bithumb ran up first half profits of $35 million, ten times smaller than profits for the previous accounting year, in the wake of a high-profile hack on the exchange in June.
The intended relaunch of the South Korea's Bithumb withdrawal and deposit platform was delayed due to efforts "to provide a more stable environment."
South Korean cryptocurrency exchange Bithumb will stop issuing new real-name accounts from August, following its failure to reach an agreement on a contract renewal with NH Nonghyup Bank.
Bithumb, a cryptocurrency exchange based in South Korea, is already working to obtain regulatory approvals from Thailand's Securities and Exchange Commission to set up an exchange in the country, according to reports.
The South Korean crypto exchange claimed to have reduced the losses to around KRW19 billion (US$17 million) after it retrieved some of the lost funds from other exchanges.
Not only did the hack drag down the trading value of BTC, it also spiked up average transaction fees on the BTC chain.
South Korean exchange Bithumb, the sixth largest in the world, has reportedly been hacked with damages amounting to $30 million in cryptocurrencies.
Cryptocurrency traders who still haven’t converted to real-name accounts on Bithumb will face reduced withdrawal limits starting June 4.
South Korean cryptocurrency exchange Bithumb has announced it is banning digital assets trading in a number of countries, including North Korea, Iran, Iraq and Sri Lanka, along with seven other locations.
Cryptocurrency exchange Bithumb kicked off the second day of the Deconomy 2018 with an overview of South Korea’s growing cryptocurrency market, considered to be the largest in the world.
Bithumb has announced its plans to open up the platform and allow its users to use cryptocurrency at more than 8,000 stores by the end of this year.
BitPay, the largest global blockchain payments provider, today announced a partnership with Bithumb, one of the world’s largest crypto exchanges.
