Bithumb, the largest cryptocurrency exchange in South Korea, is preparing to close some of its offices due to the ongoing COVID-19 pandemic. According to an official announcement on Nov. 23, Bithumb will be temporarily suspending its offline support center in Gangnam to prevent the spread of COVID-19. Bithumb noted that the number of domestic confirmed cases of the coronavirus disease has increased, causing local authorities to adopt more preventive measures. Bithumb’s support center in Seoul will be closed on Nov. 24 until further notice. In the meantime, Bithumb will operate an online customer support center. Bithumb has been actively posting …

Bithumb Global, the international spin-off of the Korean-based cryptocurrency exchange, announced the upcoming launch of Clover, a blockchain platform targeted for decentralized finance and powered by Polkadot (DOT) technology. The company says that Clover will be an open platform for DeFi applications, leveraging cross-chain capabilities and connecting decentralized finance to the centralized exchange. Clover is built on Substrate, Polkadot’s custom blockchain framework. While Substrate does allow for the launch of independent blockchains, Bithumb plans to launch Clover directly as a parachain, the term used to describe Polkadot shards. Clover will feature a native token, called CLV. The token is both …

According to news agency Yonhap, Bithumb will not have to repay a crypto investor who allegedly lost $401,000 as a result of a 2017 data breach suffered by the firm. A High Court judge determined that the man (identified as “Mr. A” for privacy purposes) had failed to successfully prove that his data was compromised during the incident. As a result, the exchange will not be held liable for Mr. A’s lost funds. Mr. A stated that he was holding Korean won (KRW) funds on the exchange and that the data breach had compromised access to his personal information. The …

The drama over alleged fraud involving Bithumb’s senior executives continues as the company’s chairman has reportedly been summoned for interrogation. The Seoul Metropolitan Police Agency is purportedly seeking to question Lee Jung-hoon, chairman of board at Bithumb Korea and Bithumb Holdings, according to a Sept. 18 report by South Korea’s state-run news agency Yonhap. As reported, Lee is allegedly accused of multiple fraud and embezzlement offenses regarding the failed listing of the BXA token. The purported fraud caused investor damages of up to 30 billion won ($25 million), the report notes. The police are also reportedly looking to question Lee …

South Korea’s largest cryptocurrency exchange Bithumb has been raided by the Seoul Metropolitan Police for the third time this month, according to a report in a local media outlet. During the Sep. 16 raid, police reportedly seized a number of shares in Bithumb Holdings belonging to Bithumb Korea Director Kim Byung-Geon. The seizure action was granted by the Seoul Central District Court on Sep. 14. Kim had been unsuccessfully trying to acquire Bithumb, and had been sued in the process. He had previously filed an application for the seizure of a significant number of shares belonging to Chairman Lee Jung-Hoon, …

Bithumb, the largest cryptocurrency exchange in South Korea, is reportedly facing more police raids in Seoul. The Seoul Metropolitan Police Agency has conducted additional search and seizure checks at Bithumb’s headquarters in the Gangnam District on Sept. 7, local publication Seoul Shinmun reports. A police official reportedly said that the latest investigations aim to secure additional evidence related to existing allegations against Lee Jung-hoon, chairman of board at Bithumb Korea and Bithumb Holdings. As reported by Cointelegraph, the executive is purportedly accused of major financial fraud involving the BXA token. Promoted as Bithumb’s native token, BXA token has been never …

A judge in the Seoul Central District Court dismissed two claims filed by individuals against the controversial crypto exchange, Bithumb. The individuals were seeking $126,000 and $38,000 respectively for damages related to a data breach incident back in 2017. According to Fn News, plaintiffs Hong and Seo (both named only by their surname) stated that they had lost money due to a phishing attack using private data that was extracted in a hack of Bithumb. The third claimant, Jang, was granted $5,000 to cover his total loss. This amount reflects a much lower dollar value than his initial $27,200 claim. …

Seoul police have reportedly raided Bithumb, the largest cryptocurrency exchange in South Korea. According to a report by local publication Seoul Shinmun, an intelligence crime unit at the Seoul Metropolitan Police Agency has reportedly conducted search and seizure investigations at Bithumb’s office in the Gangnam District on Sept. 2. As reported, the latest checks are purportedly connected with an ongoing police investigation involving Lee Jung Hoon, chairman of board at Bithumb Korea and Bithumb Holdings. The executive has reportedly been under investigation for alleged economic fraud involving the token known as BXA. The token was purportedly promoted as Bithumb’s native …

Major South Korean cryptocurrency exchange Bithumb is planning to hold an initial public offering (IPO), according to reports from local media. As reported by MoneyToday on June 24, Bithumb Korea, the trading platform’s operator, has begun preparing for a stock market launch, tapping Samsung Securities as its underwriter. Bithumb is reportedly facing a number of potential obstacles that could prevent it from successfully filing an IPO in South Korea, namely recent crypto taxation issues. Earlier this month, the South Korean Finance Minister, Hong Nam-Ki, announced plans to impose a tax on cryptocurrency, saying that more details will be revealed in …

According to Bithumb, the 0.55 Ethers (ETH) that incurred a $2.6 million transaction fee ended up in one of the exchange’s wallets. Mistake or money laundering? Earlier today, someone paid 10,668.73 Ethers in gas to move $134 worth of the asset from one wallet to another. For comparison, today’s average gas price is $0.34. The most natural assumption is that the sender must have made a mistake. Transaction That Incurred $2.6 Million Fee. Source: Coinfirm Though the sender has not come forward, SparkPool, the miner that mined the transaction’s block, has frozen it until they can figure out what happened. …

A project developing a national decentralized currency network in Zimbabwe has received a big boost with the listing of its Zimbocash (ZASH) token on the Bithumb Global exchange. According to a May 22 report in the Zimbabwe Independent, the listing will enable the currency to grow substantially, providing a sound-money alternative to the crumbling Zimbabwean Dollar. Coronavirus adds to Zimbabwe’s economic woes The Zimbabwean economy already faces a crisis, with an inflation rate of around 500%. As Cointelegraph reported, the Reserve Bank of Zimbabwe was earlier this year considering a fintech sandbox, whilst also focusing on stabilizing the local currency. …

Major South Korean exchange Bithumb has launched leverage trading for Bitcoin (BTC) and Ether (ETH) on its global platform. While the exchange states that the move is in response to “a surge in demand in crypto services,” Bithumb Global’s introduction of margin comes just weeks after the largest deleverage event in the history of Bitcoin. March 13 crypto crash drives largest deleveraging in history of crypto Bithumb’s introduction of margin trading comes less than four weeks after the record March 12–13 crash that saw the prices of many cryptocurrencies tumble more than 50% in less than two days. Data produced …