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Bithumb Sells $350 Million Stake in Its Cryptocurrency Exchange

Bithumb, one of the largest cryptocurrency exchanges in South Korea by its daily trade volume, has sold more than 38 percent of its ownership to a blockchain consortium in Singapore, Coindesk Korea reported this morning. The stake was sold for 400 billion won, or $350 million USD.

Stake Sold

Bithumb signed the deal on October 11th with BK Global Consortium. BK Global Consortium is a blockchain investment firm that was formed by BK Global, a plastic surgery medical group in Singapore.

BTC Holdings Company currently owns 76 percent of Bithumb’s equity and has agreed to sell BK Global 50 percent +1 shares of that 76 percent ownership.

Coindesk Korea reported that the acquisition deal valued the South Korean cryptocurrency exchange at more than 1 trillion won, or near $880 million USD. Kim Byung Gun, chairman of BK Group, will be the largest shareholder of Bithumb.

>> Bithumb Reopens User Registration

Recovery?

Bithumb has been in hot water for the last six months and has even been excluded from the global index on CoinMarketCap. The South Korean cryptocurrency exchange encountered a $14 million USD hack in June of this year. Originally, the estimates were around $31 million USD, but the actual number was clarified weeks later.

However, in the first half of 2018, it was reported that the exchange made $35 million USD in profits. In early August, the cryptocurrency exchange halted all new user accounts, plus deposits and withdrawals. Three weeks later, Bithumb opened new account registrations.

The latest negative rumors surrounding Bithumb accuse the exchange of participating in wash trading.

This Twitter thread is not a good look for the cryptocurrency exchange. Hopefully, things will shift around at the exchange with new faces in the decision making process. Bithumb used to be one of the top 10 cryptocurrency exchanges used around the world last year but has taken a sharp fall since.

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Bithumb Will Reopen Account Registrations

The second largest South Korean cryptocurrency exchange, Bithumb will reopen account registrations after a month of closure.

The reason is down to the exchange regaining its partnership with Nonghyup (NH) Bank.

Bithumb will Reopen Account Registrations

In South Korea, crypto exchanges must provide virtual bank accounts so users can withdraw and deposit Korean won without having to go through their banks. This is for efficiency and security.

And on August 30th, NH Bank, one of South Korea’s largest financial institutions, will sign an agreement with Bithumb to provide these virtual bank accounts to Bithumb users.

New Deal

In return for regaining banking support, Bithumb will follow specific requirements as dictated by South Korean law such as a ban on foreign citizens from using the exchange, along with measures like making sure traders link their exchange accounts to their actual banking account.

These new measures were introduced by the Government back in January.

It is with thanks to the new details of this agreement that NH Bank has renewed its partnership with the exchange, allowing new users to sign up and trade on the platform as soon as this week.

>>China Banning Cryptocurrency Events—Further Bans Expected

Regaining Partnership

The two establishments had been affiliated before, however, NH Bank had suspended its services for Bithumb back in July due to a hack the exchange experienced in June. Bithumb lost between $14 – $17 million in the heist.

Market Reaction

The market is already reacting to the news. Trade volumes on Bithumb have increased steeply in the last 24 hours and all the leader coins are currently in the green, seeing gains. At the time of writing, the exchange has experienced $362.4 million in trades since the announcement of the news.

Bithumb trade volumes had dropped due to its banking issues. Now, the world’s fifth largest exchange looks set to skyrocket.

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Bithumb Makes $35 Million in Q1 and Q2 This Year Despite Earlier Hack

Bithumb made around $35 million USD for the first half of 2018, despite its recent hack, says local South Korean local news agency Yonhap.

Bithumb Success

Despite its hack back in June of this year, the South Korean crypto exchange came out on top the first half of 2018. “The sales amounted to 33,060 million won, and the operating profit was about 2,186,330 million won,” the journalist at Yonhap wrote.

Last year, however, the exchange made 427.17 billion won in 12 months. The company’s figures for just Q1 and Q2 of 2017 are unavailable at this time.

Bithumb Hack

In June, Bithumb suffered a large hack that saw around $14 million USD stolen. The original estimates of the hack were around $31 million USD, but the exchange later responded with the official estimates ranging around $14 million USD.

Bithumb said:

“[Announcement] Accident damage Amount and membership compensation information comb Sseomeun June 20, the password-deodorizing damage size was announced in approximately 35 billion. In the future, ongoing damage recovery has been counted as the current amount of damage in approximately 19 billion. For further compensation, please check through the link.”

11 different cryptocurrencies were affected in the hack. This isn’t the only issues that Bithumb has faced recently though. Early this month, the South Korean exchange halted all new user accounts, plus deposits and withdrawals.

This halt wasn’t a result of a hack, but the company states it was undergoing “service improvements.” The exchange’s services were down for nearly 72 hours.

>> Coinbase Signed 50,000 New Users a Day in 2017

Bithumb Numbers Down in Q3

Bithumb was once a top choice for cryptocurrency exchange, especially around crypto’s peak in December/January, but the exchange has fallen behind these last few months. At press time, Bithumb is currently ranking 18th on CoinMarketCap for the exchange with the most trade volume in 24 hours.

It will be interesting to see what the exchange’s Q3 earnings will look like.

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Bithumb Hack | $14 million worth of BTC, ETH, BCH, and XRP Stolen

Bithumb hack: Last week, the world’s 11th largest cryptocurrency exchange by its 24-hour trade volume, Bithumb, announced that it had been hacked. The initial reports suggested that close to 35 million Korean won ($31 million USD) had been taken from its platform. Several cryptocurrencies were stolen, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH).

The original translated tweet read:

“[Urgent notice] to stop the front of the withdrawal service password please stop the money transfer. Today, about 35 billion in the morning, the size of the password was stolen. Your assets are securely housed in a cold wallet. For the time being, we cease to offer passwords and monetary deposits and withdrawals services.”

In those first reports, it was said that XRP was the targeted cryptocurrency, but the latest discoveries announced this morning say otherwise.

BTC, ETH, BCH, and XRP Compromised

This morning, the Bithumb hack details were brought to light by the exchange.

The announcement translated from Korean to English reads:

“[Announcement] Accident damage Amount and membership compensation information comb Sseomeun June 20, the password-deodorizing damage size was announced in approximately 35 billion. In the future, ongoing damage recovery has been counted as the current amount of damage in approximately 19 billion. For further compensation, please check through the link.”

It seems Ripple (XRP) wasn’t the only cryptocurrency hacked from Bithumb accounts after all. As per the chart above, it seems that Bitcoin (BTC) took the biggest hit.

The coins compromised include:

  • Bitcoin Cash (BCH)
  • Bitcoin (BTC)
  • Aelf (ELF)
  • Ethereum (ETH)
  • Ethos (ETHOS)
  • Golem (GNT)
  • Hshare (HSR)
  • Kyber Networks (KNC)
  • OmiseGo (OMG)
  • VeChain (VEN)
  • Ripple (XRP)

In Bithumb’s announcement via its website, the cryptocurrency exchange states that the main reason for lowering the estimates was due to “ongoing participation, support, and cooperations of the cryptocurrency exchanges and cryptocurrencies [sic] foundations across the world.”

Bithumb asks that its users still refrain from making any deposits at this time. The company will be providing updates on the hack investigations in the near future.

>> Steve Wozniak Compares Blockchain to Dot-com Bubble

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Bithumb Hacked for Over $31 Million USD – Crypto Market Rebounds – Crypto Currency News

The world’s sixth largest cryptocurrency exchange by daily trade volume, Bithumb, has just been hacked for $31 million. This morning the South Korean exchange announced that hackers had stolen close to 35 million Korean won for its system.

The tweet above has been translated from Korean to English and says:

“[Urgent notice] to stop the front of the withdrawal service password please stop the money transfer. Today, about 35 billion in the morning, the size of the password was stolen. Your assets are securely housed in a cold wallet. For the time being, we cease to offer passwords and monetary deposits and withdrawals services.”

While the $31 million may not seem like such a big deal, compared to the $530 million hack at the Coincheck exchange, it’s still a notable and worrying, incident.

>> Coinbase Index Fund Open

XRP Hacked

The cryptocurrency exchange has yet to release the full details of the hack, but news has emerged that Ripple (XRP) was targeted.

Based on CoinMarketCap, Bithumb accounted for over 10% of the total trade volume of XRP within the last 24 hours. Still, the hack details have yet to be announced officially, so it remains unknown if XRP was the only digital currency compromised – but official details of the hack should surface soon.

Crypto Market Rebound

The cryptocurrency market took a hit when the news broke but it seems to already be rebounding back.

At press time, Bitcoin (BTC) is trading at $6,786 a coin, up 0.11%, in 24 hours. Ethereum (ETH) is currently trading at $539.20 a coin, up 0.54%. The total market cap is sitting just below $300 billion but could break above the mark sometime today.

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