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Crypto Exchange Bithumb Warned Users to Stop Making Cryptocurrency Based Deposits


The South Korean cryptocurrency exchange Bithumb detected a hack on March 29. Following the attack the exchange stopped the cryptocurrency withdrawals and deposits have temporarily on March 30.

According to reports the exchange has “secured all the cryptocurrency from the detection time with a cold wallet and checked them by blocking deposit and withdrawal service.”

The exchange requested its users to stop making cryptocurrency deposits. The main aim behind issuing the official notice is to verify the assets of the members by an external organization. The information was recently announced by the exchange through a blog post.

The exchange posted on its social media site Twitter on April 2

We would like to ask you to stop making deposits of cryptocurrency in order to check our member's assets through external organization.


The exchange confirmed 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 few days ago, Co-founder of Primitive Dovey Wan revealed that the cryptocurrency exchange Bithumb was hacked and the company lost more than 3 million EOS and some of XRP tokens.

Following the hack the exchange announced its plan to work over the investigation of the hack in association with the local law enforcement organizations. In addition, the company is planning to carry out investigation on all the assets which the company holds by using an external audit. The external accounting firm will provide distinct information of all the digital assets maintained by the firm.

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 has promised to update its users regarding the financial investigation that will be carried out and will reveal the result and progress of the investigation with at most transparency and clarity.

This is not the first time the exchange is encountering a hack. In less than a year the exchange has faced two attacks. Reportedly the exchange recovered $14 million of the stolen funds and said that it believes it will recover the losses like the previous time.

According to the reports, Bithumb is investigating with the help of the Korean internet & Security Agency, cyber police agency, and other cybersecurity companies.

The company states, “We will do our best to resume deposit and withdrawal as soon as possible to secure the service’s stability,” the company further added.