Bithumb to Issue Own Token

Token will be issued through the ICO, which will be held in Singapore
20 April 2018   979

One of the largest exchanges of South Korea, Bithumb plans to release its own token called Bithumb Coin. This is reported by the Cointelegraph.

According to his information, the token will be distributed through the ICO, which will be held in Singapore. Bithumb can not conduct a crowdsfunding campaign in Korea, because legislators banned such activities there last year.

We know that the Bithumb coin is underway at a local subsidiary acquired by Bithumb’s subsidiary. Details such as the specific schedule and issue size have not been confirmed.

Bithumb Spokesman

Bithumb is not the first exchange that decided to launch its own token. In early 2018, the Huobi exchange announced the release of Huobi Token. Before it on a similar path decided to choose Binance and Kucoin.

As the experience of some projects, which Bithumb has now decided to join, the ban on ICO in South Korea did not give the desired results. Startups simply conduct their ICO in foreign jurisdictions, which is not a violation of the law. Previously, ICO conducted a Korean start-up ICON (ICX), officially distributed its tokens through Switzerland.

Bithumb to be Charged With Users' Data Leak in 2017

According to the Prosecutor's Office of South Seoul, this situation has lead to second hack of Bithumb in 2017, when $7M were stolen
21 June 2019   785

The Prosecutor's Office of South Seoul has charged one of the largest Bitcoin exchanges in South Korea, Bithumb, with a leak of confidential financial data of over 31 thousand users, as a result of which in July 2017 considerable funds were stolen from the platform. This is reported by Cryptonews with reference to ZDNet Korea.

In addition to Bithumb, in the framework of the same case, accusations of violating the law on managing information networks and the law on information protection were brought against the travel agency Hana Tour and With Innovation, the operator of the hotel booking application Yeogi Eottae.

The prosecutor's office believes that Bithumb did not take adequate measures to ensure security. In particular, all data about users received hackers was stored on one computer, and the employee of the exchange who worked on this device did not even use anti-virus programs.

The prosecutor's office also believes that this leak led to second hack of Bithumb in 2017, which resulted in nearly $ 7 million being stolen. Representatives of the exchange have denied the connection between these incidents, however.