It's terrible how often prominent CEOs are in the news for being arrested for financial crimes. This is particularly concerning for anybody who has money sitting in a single exchange given the state of the market today. We all understand that the primary benefits of cryptocurrencies are their purported safety and anonymity, but it seems even regulated exchanges are no longer a secure refuge for our money.
That one person, even one with a relatively minor role inside the company, may have such power over our finances is disconcerting. You should thus pay great attention to market developments and news. A solid solution to avoid these kinds of issues is to keep our money out of exchanges and instead in a wallet that we have total control over.
Topic: Bithumb CEO arrested - page 2. (Read 235 times)
Either its true or not could affect its customers and users. News like this tend to stir the market too especially bithumb is one of the backboned exchange or one of the longest exchange. For a CEO to be in this kind of issue is considered bad already and might lead to such downfall and trust from the community.
Ive been using this market exchange for the last 3years since they also have a fair share of listed tokens of my holdings.
Ive been using this market exchange for the last 3years since they also have a fair share of listed tokens of my holdings.
I don't think they or it will bring down Bithumb exchange but it can affect Bithumb exchange big time knowing that the founder is arrested and a criminal now. If ever they bring down Bithumb or filing bankruptcy voluntarily just like FTX can make a huge issue again on crypto especially on centralized exchange sector. Exchanges today are really a big mess and people should be aware of this potential risk of happening again, I hope people learn from these scenarios of not storing their money on centralized exchanges. It's crazy that centralized exchange anomaly is showing one by one, Should we expect more like this?
It is going to be difficult for the exchange to remain in business since the accusations are very serious, if the owner of the exchange was being arrested by charges unrelated to the exchange then you may have a point as the rest of the board members could just ask the CEO to quit, issue an apology and move on, but he was arrested for embezzlement and fraud, so I expect anyone using that exchange to get their coins out while they can, and they better hurry as we do not know for how long withdrawals will be allowed. legendary
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that's a garbage exchange site. This exchange site is full of manipulation by the team behind the exchange site. So much fake volume in any pair. I have ever traded there several times. The impact from bithumb to the crypto was not as big as FTX and so, I don't expect a huge dump gonna come later. The fact that the volume that owned by this exchange site was actually fake. Im not seeing the problem that happened with this site won't becoming a threat for crypto like FTX. This exchange site was garbage exchange site like coinsbit.
Im glad to see that CEO of this exchange site got arrested. I remember once people were unable to withdraw their money.
Im glad to see that CEO of this exchange site got arrested. I remember once people were unable to withdraw their money.
I don't think they or it will bring down Bithumb exchange but it can affect Bithumb exchange big time knowing that the founder is arrested and a criminal now. If ever they bring down Bithumb or filing bankruptcy voluntarily just like FTX can make a huge issue again on crypto especially on centralized exchange sector. Exchanges today are really a big mess and people should be aware of this potential risk of happening again, I hope people learn from these scenarios of not storing their money on centralized exchanges. It's crazy that centralized exchange anomaly is showing one by one, Should we expect more like this?
This is a big accusation and can result to a collapse of this platform, the team should assure the public the safety of their funds since this is not a hack problem but a greedy problem.
If you have cryptos on this site get it now but don’t panic, transfer it to your secured wallet. Anyway, I don’t think the whole market will be affected by this news as we are already rising but there’s still a possibility if this issues will be affected their users, hopefully the up trend will stay strong and will not be affected by this negative news.
If you have cryptos on this site get it now but don’t panic, transfer it to your secured wallet. Anyway, I don’t think the whole market will be affected by this news as we are already rising but there’s still a possibility if this issues will be affected their users, hopefully the up trend will stay strong and will not be affected by this negative news.
Just like what happened in FTX's own case where the CEO lost his position and relinquished power to another board member who is not involved in the scandal since his stake is 34% it makes no sense for another board member to hold the operation of the exchange since the amount involved is not too much to halt the operation of the exchange like what happens with FTX own case.
This is not the best time for fraudulent exchanges as their Top board members are getting exposed for illegal dealings.
This is not the best time for fraudulent exchanges as their Top board members are getting exposed for illegal dealings.
Too bad for that exchange to have a greedy people behind it, to be more safe better to get out of that exchange right now and save your money from getting freeze. There’s a lot of FUD and rumors already about this and that is your biggest reason not to trust this site anymore. Another reminder to stay active with your exchange and if there’s a news like this you have to act as fast as possible, don’t store your long term holdings on any crypto exchange because its not safe at all.
Some other news says that he's arrested because of price manipulation. So, as of this moment, there are many root cause for his arrest. This is becoming of a trend that big people in the market including the owners of exchanges are becoming involved with such fund from their depositors.
Regardless of the reason of the arrest, this teaches only one thing.
"Never store your funds in exchanges."
Regardless of the reason of the arrest, this teaches only one thing.
"Never store your funds in exchanges."
Is one of the centralized exchanges in trouble again? CEO is arrested because he was embezzling $50M worth of money but can it go down like because users and partners would panic and withdraw their funds and partnerships? Are they solvent enough for that? Or is the owner just going to be voted out from the CEO position as he has only 34.2% stake in it and everything goes on like nothing happened?
What do you think?
Source:
https://cryptoslate.com/south-korean-authority-arrests-bithumb-owner-over-50-million-embezzlement-charges/
What do you think?
Source:
https://cryptoslate.com/south-korean-authority-arrests-bithumb-owner-over-50-million-embezzlement-charges/
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