South Korean Exchange stolen for Millions of Dollars

Bithumb, one of the largest cryptocurrency exchanges in the world, has been hacked to the tune of 35 billion won, has to repay customers from its own pocket
20 June 2018   1297

All the deposits were stopped by the exchange at approximately 00:53 UTC and started transferring large amounts of Ethereum into cold wallets. Cold wallets are digital wallets that are not connected to the internet. As claimed at the local news outlet JoongAng Daily, the company performed an “urgent” security check on the 16th of the month, particulary preparing to move passwords to a cold wallet in preparation for an attack.

Bithumb on Twitter
Bithumb on Twitter

Actually the hack happened on the 19th, according to CoinTelegraph Japan that refers hack detection service Sentinel Protocol. Ripple was among the  stolen denominations. Bithumb has undertaken to repay clients from its own pocket, according to JoongAng Daily.

If you have any damage to your password, I will make full compensation to your company. I do not have any damage to you, so please do not be anxious.
Bithumb
South Korean Exchange on their Twitter

In July 2017 Bithumb was also hacked, when the personal data of 30,000 users was stolen. The scammers used this information in order to access money in many people’s accounts. Nevertheless, the exchange valued its profits grew by 171 percent during the year of  2017. It was processing around $200 million in cryptocurrency trading a day, and today that figure is $400 million, making it the sixth biggest crypto exchange in the world in April 2018.

It collaborated in January with the a major shopping mall in South Korea, enabling cryptocurrency payments at outlets on the site. In March it declared about the plans to introduce Bitcoin ATMs and Bitcoin payments at food kiosks over a partnership with some local kiosk manufacturers.

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   335

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.

 

Bithumb

 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.

 

Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.

 

NTS

Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.