Bithumb

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Bithumb
Websitebithumb.com

Bithumb is a South Korean cryptocurrency exchange.

History[edit]

In June 2017 hackers stole user information from a Bithumb employee's personal computer.[1]

In January 2018 Bithumb was raided by the government for alleged tax evasion.[2] They were found not guilty but still had to pay nearly $28 million in back taxes.[3]

In June 2018 about $32 million of cryptocurrency was stolen from Bithumb in a hack.[4]

In October 2018 BK Global Consortium signed a deal to buy a majority share of BTC Holding Co. which is Bithumb's largest investor.[5]

In January 2019 30 out of 340 total Bithumb employees were laid off in response to declining trading volume and profits in 2018.[6]

On January 22, 2019, OTC-listed holding company Blockchain Industries signed a binding letter of intent to merge with Bithumb on or before March 1, 2019. The plan is to form a new publicly traded entity called the Blockchain Exchange Alliance (BXA) that would ‘up-list’ on either the New York Stock Exchange or NASDAQ and make BXA the first major cryptocurrency exchange to go public.[7]

On March 29, 2019, Bithumb said that it was hacked. It pointed its fingers at insiders. Experts said that EOS wallet of Bithumb was hacked so that 3 million EOS tokens worth some $12.5 million were spirited away. [8]

On April 11, 2019, Bithumb announced a net loss of KRW205.5 billion (US$180 million) in 2018, a sharp turnaround from the KRW427.2 billion profit in 2017, despite 2018's sales rising 17.5% to KRW391.7 million. The company blamed the loss on the sharp decline in the price of cryptocurrencies and reduced trading volume.[9]

References[edit]

  1. ^ "One of the Biggest Ethereum and Bitcoin Exchanges Got Hacked". Fortune. July 5, 2017.
  2. ^ "Authorities raid South Korea's largest cryptocurrency exchanges". CNBC. January 10, 2018.
  3. ^ "Korea's No. 2 digital coin exchange Bithumb slapped with W30b taxes". The Investor. January 10, 2018.
  4. ^ "Korea's major crypto exchange Bithumb hacked; coins worth $32 million stolen". The Korean Times. June 20, 2018.
  5. ^ "Plastic Surgeon Buys $352 Million Stake in South Korea Crypto Exchange". Bloomberg. October 11, 2018.
  6. ^ "Korea's Bithumb sheds employees by 10% as it takes digital money business overseas". Pulse by Maeil Business News Korea. January 17, 2019.
  7. ^ Rooney, Kate (22 January 2019). "One of the world's largest crypto exchanges looks to go public in U.S. in reverse merger". www.cnbc.com. Retrieved 23 January 2019.
  8. ^ Crypto exchange Bithumb hacked″, The Korea News Plus, 2019-03-30
  9. ^ Bo-uen, Kim (11 April 2019). "Bithumb suffers W205 bil. net loss on falling bitcoin". koreatimes. Retrieved 11 April 2019.

External links[edit]