Hamza
New member
Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you?
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South Korean government are fastly change their law regulations on crypto. It happens a few times as I know.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.
For 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.Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you?
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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.Which exchanges are safe according to you?
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.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.
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.Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you?
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.Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you?
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