From September, Bithumb will resume a swapping service for Theta tokens, which were missing in the exchange’s contract wallet last month.
When Theta launched its main net last month, it started its token swapping, namely converting the ‘old’ Ethereum-based ERC-20 to the ‘new’ Theta.
Due to technical lapse, the tokens, worth about 600 million won, disappeared. The missing prevented investors from swapping its old tokens with the new Theta tokens.
During the conversion process last month, Bithumb failed to install the private key.
Without the private key, you cannot access wallets to use tokens.
Due to Bithumb’s technical mistakes, three million Theta tokens and 15 million Theta Fuel, worth at 600 million won, disappeared.
When the swapping services resume in September, investors could convert the old tokens into new tokens. The resumption would help these investors avert a possible financial loss.
Bithumb could not evade responsibility for failing to protect investor assets for its technical lapse.
Theta is a blockchain-based decentralized streaming network (DSN).
It is reportedly the only end-to-end solution for decentralized live video streaming.
Theta says its innovations include the so-called resource-oriented micropayment pool and proof of engagement.
It added Theta tokens are a long-term sustainable incentive mechanism to motivate all stakeholders to participate in the DSN.
