Korbit, the first Korean bitcoin exchange has announced a new withdrawal policy to protect users from any security breaches. As a proactive measure to curb malicious hacking attempts, the exchange is implementing a policy whereby bitcoin and cryptocurrency withdrawals to a newly entered wallet address will be executed 3 hours after the request.
Withdrawals made to previously used addresses will be processed as usual. This measure is obviously intended to prevent unintended withdrawal requests from being processed. The Korbit team encouraged users to contact customer service if one detects any suspicious withdrawal attempts.
Back in September of this year, Korea’s NXC Corporation, the parent company of multi-billion dollar video gaming company Nexon bought a 65% share in the Korbit bitcoin exchange. It was confirmed that Nexon paid 91.3 billion KRW (roughly $79.5 million) for the 65.19% stake. Korbit was the first to introduce direct BTC to KRW trading and exchange and is the second largest domestic exchange behind Bithumb.
UPDATES 12/21/2017:
Korbit has further made more sense of its enhanced withdrawal protection policies, the new policies will see the following features added:
- An email will be sent when users request to withdraw cryptocurrency to a new address.
- When a user clicks the authorization button in the email, the withdrawal will be processed.
- If the user does not authorize within 1 hour, they must cancel and resubmit the request.
The company has implemented the above changes as of 12/21/2017:
If users suspect that any withdrawal request was not submitted by thee, follow instructions in the email to freeze the account and contact the Korbit Customer Service team.