[2018-08-02] Bithumb Resumes Deposits, Influx of Capital Expected

[themerkle]

Bithumb, South Korea’s biggest crypto exchange as of May, is officially resuming deposits and withdrawals on August 4, after a month of freezing the platform.

Potential Impact of Restoration of Bithumb’s Operations

In June, Bithumb experienced a $40 million hacking attack which led to the loss of investors’ funds, falling victim to a major security breach for the third time in a 12-month period. The successful hacking attempt on Bithumb by an unidentified group of hackers led the local crypto exchange market and investors to panic, as the breach occurred merely weeks after the fall of another large digital asset trading platform Coinrail.

Read More: https://nulltx.com/bithumb-resumes-deposits-influx-of-capital-expected/

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[gentlemand]

Who is expecting an influx of capital? Them? I doubt anyone else is.

Three hacks and a month of wallet closures is not an attractive prospect for any right thinking human. Fool me thrice is certainly pushing things further than most people are willing to go.

[Samarkand]

...
Three hacks and a month of wallet closures is not an attractive prospect for any right thinking human. Fool me thrice is certainly pushing things further than most people are willing to go.

I still doubt that the last hack of Bithumb was a genuine hack. Someone posted an article back then that showed
that they had a tax debt that amounted to roughly the fiat value of the stolen cryptocurrencies. This would be a very weird
coincidence...

[veleten]

...
Three hacks and a month of wallet closures is not an attractive prospect for any right thinking human. Fool me thrice is certainly pushing things further than most people are willing to go.

I still doubt that the last hack of Bithumb was a genuine hack. Someone posted an article back then that showed
that they had a tax debt that amounted to roughly the fiat value of the stolen cryptocurrencies. This would be a very weird
coincidence...

it very well could be,too many coincidental "hacks" happen
with the exchange's security or management making really weird decisions as to the storage of their coins
with the hackers (russian,chinese,north korean) stories have been planted in the news for so long
it was only reasonable to use it in an attempt to cover up their debts or inept management
as for the impact on price-I do not expect any major one,even if Bithumb restores their previous volumes,miraculously

[darkangel11]

It's going to be difficult to reassure clients and make them come back. They will basically have to start from scratch and build a new user base. If I were a Bithumb user and the exchange closed down for a while due to hacks, I'd have to move somewhere else and trade there. Why would I go back now? They'd have to give some freebies for me to even consider it.

[milewilda]

It's going to be difficult to reassure clients and make them come back. They will basically have to start from scratch and build a new user base. If I were a Bithumb user and the exchange closed down for a while due to hacks, I'd have to move somewhere else and trade there. Why would I go back now? They'd have to give some freebies for me to even consider it.

Basing on how many incidents do happen then our trust would really be just like a glass once been broken it cant really be fixed back. This is just the same if you would tend to trust those exchange which do have history on hacking incident just like what happen on Bitfinex back where it do have the same incident they do able to stood up but i cant really dare to use them back the same as of this exchange too.
I dont know where they do get that influx of capital.

[bbc.reporter]

Who is expecting an influx of capital? Them? I doubt anyone else is.

Three hacks and a month of wallet closures is not an attractive prospect for any right thinking human. Fool me thrice is certainly pushing things further than most people are willing to go.

Agreed. Also, the nature of ease of moving cryptocoins from address to address without limitations to geographical locations, and anonymously would make employees or operators themselves to do inside jobs to steal from their own businesses.