Bithumb

Bithumb is a South Korean cryptocurrency exchange.[1][2] Founded in 2014 by Javier Sim, Bithumb Korea is the most influential digital currency exchange in the country, having 8 million registered users, 1M mobile app users and a current cumulative transaction volume has exceeded 1 trillion US dollars.[3]

Bithumb
Founded2014
FounderJavier Sim
Headquarters
South Korea 
Key people
Javier Sim
Managing Director
Websitebithumb.com

History

In June 2017 hackers stole user information from a Bithumb employee's personal computer.[4]

In January 2018 Bithumb was raided by the government for alleged tax evasion.[5] They were found not guilty but still had to pay nearly $28 million in back taxes.[6]

In June 2018 about $32 million of cryptocurrency was stolen from Bithumb in a hack.[7]

In October 2018 BK Global Consortium signed a deal to buy a majority share of BTC Holding Co. which is Bithumb's largest investor.[8]

In January 2019 30 out of 340 total Bithumb employees were laid off in response to declining trading volume and profits in 2018.[9]

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.[10]

On March 29, 2019, Bithumb said that it was hacked. It pointed its fingers at insiders. Nearly $20 million worth of EOS and Ripple tokens were estimated to have been stolen.[11]

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.[12]

On October 2019, Bithumb expanded its services to India by partnering with local cryptocurrency exchanges and funding local blockchain startups.[13] It also launched its global partnership program Mercury Program to connect digital asset communities around the world.[14]

On November 2019, Bithumb launched their Bithumb Coin, a token for their open-source protocol Bithumb Chain.[15]

On July 2020, Bithumb launched their smart token BTCS. The yield rate of BTCS is attached to BTC to their core token worth. Unlike regular tokens or coins like ETHS, XRPS, LTCS, BCHS, BSVS and COMPS, they are specific to Bithumb Global users. A formula is used to calculate the prices continuously, thus keeping the trading balance.[16]

gollark: It also does have the whole "anything which implements the right functions implements an interface" thing, which seems very horrible to me as a random change somewhere could cause compile errors with no good explanation.
gollark: - `make`/`new` are basically magic- `range` is magic too - what it does depends on the number of return values you use, or something. Also, IIRC user-defined types can't implement it- Generics are available for all of, what, three builtin types? Maps, slices and channels, if I remember right.- `select` also only works with the built-in channels- Constants: they can only be something like four types, and what even is `iota` doing- The multiple return values can't be used as tuples or anything. You can, as far as I'm aware, only return two (or, well, more than one) things at once, or bind two returns to two variables, nothing else.- no operator overloading- it *kind of* has exceptions (panic/recover), presumably because they realized not having any would be very annoying, but they're not very usable- whether reading from a channel is blocking also depends how many return values you use because of course
gollark: What, you mean no it doesn't have weird special cases everywhere?
gollark: It pretends to be "simple", but it isn't because there are bizarre special cases everywhere to make stuff appear to work.
gollark: So of course, lol no generics.

References
  1. Park, Ga-young (2019-01-17). "Crypto exchange Bithumb scales down on poor market conditions". The Korea Herald. Archived from the original on 2020-07-25. Retrieved 2020-07-25.
  2. Kim, Chang Yeon; Lee, Kyungho (2018). "Risk Management to Cryptocurrency Exchange and Investors". 2018 International Conference on Platform Technology and Service (PlatCon). Institute of Electrical and Electronics Engineers. doi:10.1109/PlatCon.2018.8472760. ISBN 978-1-5386-4710-3. Retrieved 2020-07-25.
  3. "Bithumb Global Announces "Next-Generation" Digital Asset Exchange". GlobeNewswire. October 1, 2019. Retrieved August 10, 2020.
  4. "One of the Biggest Ethereum and Bitcoin Exchanges Got Hacked". Fortune. July 5, 2017.
  5. "Authorities raid South Korea's largest cryptocurrency exchanges". CNBC. January 10, 2018.
  6. "Korea's No. 2 digital coin exchange Bithumb slapped with W30b taxes". The Investor. January 10, 2018.
  7. "Korea's major crypto exchange Bithumb hacked; coins worth $32 million stolen". The Korean Times. June 20, 2018.
  8. "Plastic Surgeon Buys $352 Million Stake in South Korea Crypto Exchange". Bloomberg. October 11, 2018.
  9. "Korea's Bithumb sheds employees by 10% as it takes digital money business overseas". Pulse by Maeil Business News Korea. January 17, 2019.
  10. 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.
  11. Cimpanu, Catalin (30 March 2019). "Bithumb cryptocurrency exchange hacked a third time in two years". ZDNet. Retrieved 6 June 2019.
  12. Bo-uen, Kim (11 April 2019). "Bithumb suffers W205 bil. net loss on falling bitcoin". koreatimes. Retrieved 11 April 2019.
  13. "Bithumb Global to Launch Regulated Crypto Exchange in India: Report". Cointelegraph. October 3, 2019. Retrieved August 10, 2020.
  14. "Bithumb Global Rolls Out Partnership Program 'Mercury Program'". Cointelegraph. October 16, 2019. Retrieved August 10, 2020.
  15. "Highly Anticipated "Bithumb Coin" Officially Announced by Bithumb Global". Business Wire. November 11, 2019. Retrieved August 10, 2020.
  16. "Bithumb Global Launches New Smart Token: BTCS". PR Newswire. July 20, 2020. Retrieved August 10, 2020.
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