As what I have read on the article, they are being raided for the allegations of fraud and money laundering so I think it seems not be too bad to think that the police are just doing their jobs to investigate potential crimes to regulate and secure righteousness that people getting into certain exchange is safe and far away from such crimes. Although it was just an allegation and there is still no final report regarding the claim, Bithumb's operation still continue but there is already a stain on their reputation knowing that they have been raided for such allegations that people are really afraid of which will make them avoid the exchange.
This news was really too bad for the reputation of Bithumb for it is a very well known exchange.
Topic: Bithumb In Trouble, Police Raids Exchange for Second Time In One Week (Read 282 times)
September 14, 2020, 10:33:51 AM
September 11, 2020, 03:57:00 PM
I was quite surprised to know Bithumb is in trouble, even though Bithumb is one of the most popular exchanges, even according
to coinmarketcap site is a top crypto exchange. I am increasingly convinced that no exchanges is trustworthy, we better be careful
from now on using exchanges. I recommend that we store funds on exchanges for trading purposes only, and the rest is stored in
a hardware wallet. I am sure this news will decreases Bithumb's popularity, and destroys Bithumb's reputation. Luckily I have never
used Bithumb exchange until now.
to coinmarketcap site is a top crypto exchange. I am increasingly convinced that no exchanges is trustworthy, we better be careful
from now on using exchanges. I recommend that we store funds on exchanges for trading purposes only, and the rest is stored in
a hardware wallet. I am sure this news will decreases Bithumb's popularity, and destroys Bithumb's reputation. Luckily I have never
used Bithumb exchange until now.
September 11, 2020, 03:32:23 PM
number 1 crypto exchange in the world. It means we should always do safe ways of managing our crypto assets. Better to store them on hardware wallets if we don't use them for trading than keeping on the wallets on exchanges.
Bithumb nr 1 exchange in the world? According to whom?
By what? Volume? No. Number of users? No. Reliability? No.
You must have a different exchange in mind
September 11, 2020, 11:17:22 AM
Not sure what to make of this news. Not going to read too much into it as Bithumb's never a consideration but I always assumed them to be one of the biggest if not the biggest in East Asia (minus Japan) and weren't they even the first to get the state license to do business?
I've always stuck to the rather less prominent ones, but PSD2 licensed and available to get me home in my native currency fits me well.
I've always stuck to the rather less prominent ones, but PSD2 licensed and available to get me home in my native currency fits me well.
September 11, 2020, 05:27:16 AM
Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you?
News article
News article
I know this is no time for jokes, but you'll notice this:
On Monday, September 7, the Fourth Korean Metropolitan Police Agency raided Bithumb’s headquarters in the Gangnam District as per the report by local publication Seoul Shimum.
at least Bithumb have physically headquarters, imagine if the police had to pursue binance or other exchanges?
The South Korean police are to be congratulated, at least the people there in South Korea know where to complain in case they are cheated and stolen, but the rest of the world does not have that privilege. By the way, I never heard of BXA token.
September 11, 2020, 05:04:53 AM
Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you?
News article
News article
Personally I have never used this exchange. If everything in this article is really so, then I would like to admit that there is no guarantee at all that the exchange from the TOP and with good reputation can not be hacked, or people will not invest in some tokens or coins that will not turn to be scam, or something like that. In this case the reason is scam token, that is why this exchange is under investigation. This is the numerous remind for all us - there is no guarantee for your assets even when the exchange is good and situation doesn't look like to be strange or suspicious.
September 11, 2020, 04:12:04 AM
It's because of that controversial BXA token sale.
Since investors lost their money because of that fake ICO thus pointing fingers to the bithumb CEO's involvement. Nevertheless, authority raid it because millions were said to be scammed and lost. Though Bithumb is one of the top crypto exchanges, but just like what they said, this issue will put it's name into a deep sink. I wonder how Bithumb reacts and confirms about this issue.
Since investors lost their money because of that fake ICO thus pointing fingers to the bithumb CEO's involvement. Nevertheless, authority raid it because millions were said to be scammed and lost. Though Bithumb is one of the top crypto exchanges, but just like what they said, this issue will put it's name into a deep sink. I wonder how Bithumb reacts and confirms about this issue.
September 10, 2020, 09:26:05 PM
I had hope that this would push the price down,but it looks as if it is up by 1.5% atm.
The first raid was attributed to the downfall to $10k levels. But it looks like it is not the case though. The recent crash may have really manipulated.
And although we are talking about Bithumb South Korea, I think it will have a negative effect to the Bithumb name in general.
September 10, 2020, 06:31:32 PM
it's Bithumb Korea, not the global one. I use the global one and so far found no issues.
Agree. It's a popular exchange in Korea, not a really top 3 exchanges in the world. I've checked it on CMC and CoinGecko, there are better exchanges such as Binance, Coinbase Pro, and Kraken. However, this also cannot guarantee the security 100%, there is always a possibility of bad issues as rule violation or hacked cases.But as always, no exchange is trustworthy. Better to be safe than sorry.
It is true. A good rank on CMC and CoinGecko sometimes means nothing. Even Binance can be hacked as the number 1 crypto exchange in the world. It means we should always do safe ways of managing our crypto assets. Better to store them on hardware wallets if we don't use them for trading than keeping on the wallets on exchanges.Top exchanges in the world:
- https://www.coingecko.com/en/exchanges
- https://coinmarketcap.com/rankings/exchanges/
September 10, 2020, 06:18:21 PM
This exchange just ruined their reputation in a short time 
, really bad for them, because with what’s happening right now a lot of people are going to start losing interest in their exchange and start going for other exchanges that are better.
Right from the time when I joined the cryptocurrency market, Coinbase and Binance has been the only option for me, and I have never bothered myself about looking for any other exchange even though people claim that there are better exchanges out there, I never want to stress myself. And funny enough, I hardly make use of these exchanges lately, I have moved to making use of a local exchange because they have a rate that is far much better than these big and global exchanges.
It depends on whats the issue because people cant just make out final or conclusions if the issue isnt really that severe for them to lose interest on the platform but i cant really deny, really bad for them, because with what’s happening right now a lot of people are going to start losing interest in their exchange and start going for other exchanges that are better.Right from the time when I joined the cryptocurrency market, Coinbase and Binance has been the only option for me, and I have never bothered myself about looking for any other exchange even though people claim that there are better exchanges out there, I never want to stress myself. And funny enough, I hardly make use of these exchanges lately, I have moved to making use of a local exchange because they have a rate that is far much better than these big and global exchanges.
that these kind of news or events can really give out some impact on one's reputation.When it comes to these where government do get involved then it do usually talks about violations and other similar case but as mentioned above where the global one havent been affected and do only pertain on Bithumb Korea.
September 10, 2020, 05:54:48 PM
They probably forgot something 
Exchange is meant for what the name suggests. You deposit, exchange, withdraw. Most exchanges are safe if you want to do it.
No exchanges are safe if you want to treat them like banks.
Which exchanges are safe according to you?
Exchange is meant for what the name suggests. You deposit, exchange, withdraw. Most exchanges are safe if you want to do it.
No exchanges are safe if you want to treat them like banks.
September 10, 2020, 05:36:25 PM
These would not be possible had it not been for the people seeking out legal help after the exchange 'supposedly' never listed the token after a substantial amount has been raised. Anyone would surely raise some red flags and alert the proper authorities on this matter since some of the higher-ranking officials of this particular exchange have been transferring crazy sums of money out of the country. If those things still weren't enough to alarm the authorities, then I don't know what else is needed to happen before someone ring the phone of the law enforcement.
As for exchanges, I don't trust them fully. I don't keep money on them. I just do trades whenever I need to buy or sell and that's it, no strings attached.
As for exchanges, I don't trust them fully. I don't keep money on them. I just do trades whenever I need to buy or sell and that's it, no strings attached.
September 10, 2020, 01:22:48 PM
This exchange just ruined their reputation in a short time , really bad for them, because with what’s happening right now a lot of people are going to start losing interest in their exchange and start going for other exchanges that are better.
Right from the time when I joined the cryptocurrency market, Coinbase and Binance has been the only option for me, and I have never bothered myself about looking for any other exchange even though people claim that there are better exchanges out there, I never want to stress myself. And funny enough, I hardly make use of these exchanges lately, I have moved to making use of a local exchange because they have a rate that is far much better than these big and global exchanges.
, really bad for them, because with what’s happening right now a lot of people are going to start losing interest in their exchange and start going for other exchanges that are better.Right from the time when I joined the cryptocurrency market, Coinbase and Binance has been the only option for me, and I have never bothered myself about looking for any other exchange even though people claim that there are better exchanges out there, I never want to stress myself. And funny enough, I hardly make use of these exchanges lately, I have moved to making use of a local exchange because they have a rate that is far much better than these big and global exchanges.
September 09, 2020, 11:27:51 AM
Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you?
News article
News article
You need to understand why Korean police had raided Bithumb exchange. The report says that the main shareholder of this exchange committed a fraud during issuance of the BXA which is the native token of this exchange. They had raised around 25 million USD through the issuance of the token but did not list that in their platform at an agreed date. Now one of the owners was found transferring funds abroad illegally.
So if possible, transfer your business to any other reputed exchange like Binance because if Korean exchange is involved in such illegal things, there's no guarantee that their global counterpart is safe either. TO know the details of this matter, you can refer to the below article,
https://news.bitcoin.com/major-south-korean-crypto-exchange-raided-by-police-in-alleged-25-2-million-fraud-case/
Hope this helps!
September 09, 2020, 10:48:09 AM
Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you?
News article
News article
There is definitely something amiss with the activities of the exchange site because I don't expect the police authority to go on a fishing exercise without any back-up to their claims because they surely know the implications of such.
There would surely be a bigger reason as to why they are raiding the business other than safety and to be safe, except you are running your own security architecture, you will have to still trust the exchange site and be sure to not keep the excess of your funds there.
September 09, 2020, 10:33:12 AM
I have never used Bithumb but I thought that they were one of the best crypto exchanges in the market. They are also number one crypto exchange in South Korea. I was shocked by news that they were raided 2 times by the police. I hope the investors who lost their money can restore them. I usually use Binance and I am happy about it. I like that they really care about the security of their investors.
September 09, 2020, 10:16:32 AM
I had hope that this would push the price down,but it looks as if it is up by 1.5% atm.
September 09, 2020, 10:15:15 AM
I do not trust other exchanges as well especially if they are not that establish like coinbase and binance. Exchanges wallets are also custodial meaning they had control over your coins and may able to freeze it if they wanted to. They had the private keys of your exchange wallet and anytime could access into it. It is very intimidating if you hold btc in a exchange like what could be done possibly to your btc? Some will claim.your getting phished out because there were transfer being done but what it was an inside job that devs working on that exchange had made an interest of your btc?
September 09, 2020, 10:14:44 AM
It's because they violate some aggremeent afaik, and it's Bithumb Korea, not the global one. I use the global one and so far found no issues.
But as always, no exchange is trustworthy. Better to be safe than sorry.
But as always, no exchange is trustworthy. Better to be safe than sorry.
Whether it is just Bithumb Korea, Bithumb is still Bithumb in a way that only one or a group of people owns it. If the fraud is confirmed there is a big possibility that it could be tied down to the global operations which I think will really happen especially when you consider that 25,000,000$ worth of crypto suddenly disappearing will always smell like there is a lot of moving parts for it to be done. Remember the WireCard scandal that has come out recently? Until now they are piecing together who are really connected mentioning companies from Singapore, Germany, and US.
September 09, 2020, 10:10:29 AM
So both raided were because Bithumb hosted a scam ICO and people who bought in are complaining that they lost money on it? I'm afraid I have little sympathy for exchanges which list vaporware to make themselves money, and I also have little sympathy for people who are still buying in to ICOs when it has been proven time and again that 99.9% of them are outright scams.
If an exchange hosting an ICO which turns out to be a scam is enough to bring charges against a CEO, then there are a lot of exchanges which need to quickly reexamine their business practices.
If an exchange hosting an ICO which turns out to be a scam is enough to bring charges against a CEO, then there are a lot of exchanges which need to quickly reexamine their business practices.
Which exchanges are safe according to you?
None of them. I'm not aware of a single exchange operating today which hasn't either been hacked, scammed their customers, or sold their customers' data. The less you use centralized exchanges, the better. Jump to: