Crypto Market Rebounds, Bithumb Drives Kimchi Premium Up 50%

Bithumb, the Bad Actor
On June 20, as CCN reported, Bithumb was hacked for $40 million. The Financial Services Commission (FSC) and Korea Financial Intelligence Unit (KFIU) were involved in the investigation of the Bithumb hack and eventually, the exchange reportedly recovered half of the stolen funds stored in digital assets.

However, since then, for more than a month, Bithumb has disabled deposits and withdrawals, only allowing existing users on the Bithumb platform to trade cryptocurrencies. The unforeseen prevention of deposits and withdrawals led the premium on Bithumb to rise substantially, affecting both the local market and the global cryptocurrency exchange market.