Bithumb, the sixth largest cryptocurrency in the world according to data from CoinMarketCap, followed by a hack worth about 35 Billion this year in June has announced in a press statement that it be resuming its trading services online back. Due to the hack of Bithumb exchange, the major cryptocurrency fell to around $6,620 USD late in June this year. The company today stated on its official twitter page to resume their services from today.
The announcement further revealed a list of 10 cryptocurrencies in total for now for the first round of service restoration followed by Bitcoin, Ethereum, Ripple, Ethereum Classic, Litecoin, QTUM, Bitcoin Cash, Monero, Zcash and Mith.
In a web blog post Bithumb stated its first policy of restoration as:
“Some cryptocurrencies with a significant price difference of about 10 percent between Bithumb market and standard market will be opted out for this customer’s asset. When services return to normal, rapid changes in price are expected. Therefore resuming normal services for such cryptocurrencies will be put on hold for the time being.”
However, in brief the market is really excited hearing the relaunch of a this sleeping giant again.
Exchanges, Hacks and Consequences
The main reason for the cyberattacks these days are the security breaches that are left uncalculated when a situation like arises. This further becomes a more severe problem due to the transactional nature adopted for the cryptocurrencies which further restricts the reversals of the transactions providing immunity and independency in hiding the original credentials of the culprit.
However, now a days several self regulations are being independently adopted by the exchanges in their specific operational regions to tackle a situation like this in mere future.