Bithumb Launches Social Media Payment Platform

The SNS Pay platform will support payments on social media including social networking sites and blogs
10 April 2018   950

Bithumb is one of the largest exchanges in South Korea, which allows users to buy, sell, store Bitcoin and Ethereum, and offers additional services like remittances and gift vouchers.

According to the information published on Bitcoin.com, Bithumb is launching a peer-to-peer payment platform for social media. The platform entitled SNS Pay will support payments on social media including social networking sites and blogs.

SNS Pay is a service that integrates support for sharing, billing, and marketing products registered on social media. In particular, [we are] implementing a system to allow payments with the same UI/UX and social media.
 

Bithumb Announcement

(credit: Bitcoin.com)

The SNS Pay platform should increase the payment convenience to lower transaction costs, and the customers can use the platform to buy popular on social media products without having to search for an online store that sells them.

Illustration provided by BithumbBithumb p2p platform

Previously, we have reported that special kiosks with the ability to accept payments in virtual currencies were planned to be installed in cafes and restaurants of Korea, and , in order to stimulate the adoption of the new concept, Bithumb was going to offer several options for the franchises, which you can read about here.

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   778

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.