SillyGirl (OP)
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September 09, 2020, 09:32:53 AM |
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Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you? News article
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joniboini
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September 09, 2020, 11:12:00 AM |
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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.
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fiulpro
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September 09, 2020, 11:48:38 AM |
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Some things to consider here : 1. The police is trying to protect the local investors 2. They might be involved with frauds
The things is if the government is going to allow cryptocurrencies to co-exist there will be some regulations on the way and it is to protect the general public. It was the fault of the exchange here for sure they did something wrong since it was not the first time.
Therefore I would recommend you : 1. Stop using this exchange even if you are involved with the global one. 2. Use exchanges like : coinbase ; Binance or you can even use your local exchanges.
Plus this is an important news and I do believe that the governing body is one ; be it South Korea be it someplace else therefore even a small mistake on the part of the company can cause problems for the investors.
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hd49728
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September 09, 2020, 12:17:54 PM |
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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.
South Korean government are fastly change their law regulations on crypto. It happens a few times as I know. Agree with you that people have to be responsible for their capital, choose good exchanges but never store all capital on any account, any exchange. Should have a part of capital in non-custodial wallet like a saving.
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kryptqnick
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September 09, 2020, 01:04:57 PM |
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Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you? News articleFor now, it doesn't sound that bad. It's a suspicion, they were not determined to be guilty. Moreover, it's about a token on their exchange, so it could be an honest mistake on their part with not doing their research. Or maybe it's indeed fraudulent activities, but the whole exchange cannot be blamed for them. Maybe some people were involved, and they will be convicted, but it's one of the biggest exchanges out there, and I don't think it's a bad exchange overall. Of course, you can never be too safe, so I would move money from Bithumb if I had any money there, but I don't think they'll pull an exit scam or something like that.
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qiwoman2
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September 09, 2020, 02:07:30 PM |
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I was talking actually to someone that used to work for Bithump and he told me today there is absolutely nothing to worry about and Bithump is still open and operational. I know that last week's KOREA FUD seemed to help with BTC price tanking but I think the dump was just a coordinated effort by whales to take profits on the last couple of months altcoin rises. It's always the same, so Bithump was just an excuse to help the market crash to the point the whales wanted to coincide also with the CME futures.
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o_e_l_e_o
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September 09, 2020, 02:10:29 PM |
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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. 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.
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Harlot
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September 09, 2020, 02:14:44 PM |
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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.
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.
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jademaxsuy
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September 09, 2020, 02:15:15 PM |
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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?
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Jet Cash
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September 09, 2020, 02:16:32 PM |
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I had hope that this would push the price down,but it looks as if it is up by 1.5% atm.
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ILuckyGuyI
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September 09, 2020, 02:33:12 PM |
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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.
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audaciousbeing
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September 09, 2020, 02:48:09 PM |
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Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you? News articleThere 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.
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avikz
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September 09, 2020, 03:27:51 PM |
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Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you? News articleYou 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!
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Emitdama
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September 10, 2020, 05:22:48 PM |
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This exchange just ruined their reputation in a short time ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) , 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.
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dothebeats
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September 10, 2020, 09:36:25 PM |
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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.
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pixie85
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September 10, 2020, 09:54:48 PM |
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They probably forgot something ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) 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.
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dunfida
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September 10, 2020, 10:18:21 PM |
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This exchange just ruined their reputation in a short time ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) , 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 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.
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kawetsriyanto
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September 10, 2020, 10:31:32 PM |
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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/
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TravelMug
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September 11, 2020, 01:26:05 AM |
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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.
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maxreish
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September 11, 2020, 08:12:04 AM |
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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.
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