Bithumb CEO arrested

[Xal0lex]

I would like to see other crypto scammers arrested instead of moving freely around the world, like CEO Terra, or former FTX CEO. There is a lot of scams in the crypto-sphere, especially in centralized exchanges where insider trading and price manipulation are rampant. Tougher regulation would rid the community of characters like SBF or CEO of Bithumb.

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[nakamura12]

If you don't trust a crypto exchange then how do you trade coins? Using only p2p sites or on this forum? But, I think there are still risks in these types of trades. Not all crypto exchanges are scams/fraud but there are still exchanges left who are trustworthy. It's only not advised to store funds on them for a long time if you have no business there. For what if we have a crypto wallet if we don't use them?

There might be other explanations to the case of @Jerometash. Maybe he did some violations and the exchange delete his account, that is why he can't log in it anymore and he said he didn't bother complaining, maybe because he is really guilty.

He could have deleted but Jerometash did not explain that he deleted the account. Honestly, I am not trading cryptos right now and to tell you the truth, I do not trust exchanges that much and not trusting exchanges doesn't mean I won't use one. It may seems not what I just said that I don't trust exchanges. I even explained it that I don't trust exchanges to store my money for a long time or a certain time. Can't you just think that way?. Maybe I should have just explain that I don't trust exchanges to keep my funds safe when I am storing it. I think that should be enough to clear this misunderstanding.

[Johnyz]

I would like to see other crypto scammers arrested instead of moving freely around the world, like CEO Terra, or former FTX CEO. There is a lot of scams in the crypto-sphere, especially in centralized exchanges where insider trading and price manipulation are rampant. Tougher regulation would rid the community of characters like SBF or CEO of Bithumb.

They have the money, that’s why they are still walking around freely despite of what they did.
This news might affect the reputation of exchanges as well and fortunately this happened right now because the market is not that affected anymore. If there’s a manipulation on this platform, then probably users are at risk of losing their money, better to get out of this site now until this issues is going on for your own safety.

[dothebeats]

Different sources, different reasons of arrest. But whatever it is, it has something to do with money for sure. If it'z embezzlement of funds, then he obviously wants to follow the footsteps of SBF, but unfortunately not in volumes and amount that SBF did it. If it's due to price manipulation, there's no way the law enforcement is pinning him solely for this activity. I don't think there'd be a lot of panic with the CEO's arrest. Bithumb is one of those exchanges that receives the customers that do not want to deal with the large ones, so its market share is really not that big at all.

[o48o]

I would like to see other crypto scammers arrested instead of moving freely around the world, like CEO Terra, or former FTX CEO. There is a lot of scams in the crypto-sphere, especially in centralized exchanges where insider trading and price manipulation are rampant. Tougher regulation would rid the community of characters like SBF or CEO of Bithumb.

Technically SBF isn't free but in house arrest, which is way better then him dying in the jail like everyone seems to think would happen. Court procedure however takes time and should take time as you can't rush these things. Rushing could be an advantage for SBF.

But why an earth interpol haven't catched Do Kwon is a mystery. If i remember correctly people have even posted selfies with him in europe while he was hunted down. He has his passports frozen so i am guessing he moves with fake ids now.

[AmoreJaz]

Different sources, different reasons of arrest. But whatever it is, it has something to do with money for sure. If it'z embezzlement of funds, then he obviously wants to follow the footsteps of SBF, but unfortunately not in volumes and amount that SBF did it. If it's due to price manipulation, there's no way the law enforcement is pinning him solely for this activity. I don't think there'd be a lot of panic with the CEO's arrest. Bithumb is one of those exchanges that receives the customers that do not want to deal with the large ones, so its market share is really not that big at all.

i have used that exchange before but just like what you said, they do not have the big share in the crypto market industry. however, if you are a user of this exchange, better get out your funds while you can. you don't know what will happen next. even if it is only the CEO's fault about money matters. they can easily freeze your funds without warning.

[BitcoinPanther]

This is what happened when the management isleft in the hand of a centralized authority.  Since people have access to all funds, they are tempted to do unexpected things that may lead to fund embezzlement, or defrauding their clients and customers.

But on the other side, this is not related to the cryptocurrency network but to the person who is managing a centralized exchange and this is another example of not trusting our cryptocurrency on exchanges.  If we want to trade, trade and then withdraw the fund after the transaction to keep our fund safe and away from being robbed by the malicious people behind centralized exchanges.

[so98nn]

He was embellishing the money in centralised environment where he is doing the corporate job? Definitely giving me another reason not trust the corporate world anymore and crypto currency is really really weak space and it can get hampered with such news quickly. And yes if he is holding that much shares in the company then he should be thrown out of the company after proper investigation. It is entirely fine if people start withdrawing money from Bithumb because it’s there choice and they are not going just give away money just like that.

[maxreish]

The fact that the CEO was arrested means the reputation of that exhange was surely dragged down. The South Korean authorities have not provided additional information regarding the case but since the rumours about the tax evasion and embezzlement were announced online, those who have their crypto coins on that exchanged surely pulled out already their assets.

I still believe that the  impact on users will depend on the outcome of the said Bithumb CEO legal case and the financial stability of the exchange. However, always remember to be careful whenever we store our assets to this kind of exchange as it is always vulnerable to some conflicts and problems like this in the future.

[Silberman]

I would like to see other crypto scammers arrested instead of moving freely around the world, like CEO Terra, or former FTX CEO. There is a lot of scams in the crypto-sphere, especially in centralized exchanges where insider trading and price manipulation are rampant. Tougher regulation would rid the community of characters like SBF or CEO of Bithumb.

That should be the way things are supposed to work, but a CEO has access to resources which they may never had access on their own so they can hire the best lawyers, use their political connections and the amount of money they stole to shield themselves from any adverse effects they are supposed to suffer, not only that they can convert their funds to bitcoin and other cryptocurrencies and make the recovering of that money way harder for the authorities, so even if we are seeing the police finally taking action against them they can still act as if nothing happened.