Difference between revisions of "Bithumb (BXA)"

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* [[Mainnet]] release:
* [[Mainnet]] release:
* Based in: South Korean exchange
* Based in: South Korean exchange
* As of 7-2017 the exchange with the biggest 24hr volume
* Has a 0.0075% fee
* Trades 6 pairs, [[Bitcoin (BTC)|BTC]], [[Ethereum (ETH)|ETH]] and [[Ripple (XRP)|Ripple]] among them. With [[FIAT|fiat]] Korean money.
* On March 30, 2019, Bithumb was [https://www.zdnet.co.kr/view/?no=20190402161129 hacked] for the second time in a year in what the company described as an "inside job."
* Has its own Bithumb Chain.
* Has its own Bithumb Chain.
* South Korea’s largest crypto exchange has [https://decrypt.co/40559/police-raided-korean-crypto-exchange-bithumb-says-report reportedly] been accused of fraud for pre-selling its BXA tokens and never listing them. It got raided on 2-9-2020.


* [https://decrypt.co/48516/crypto-exchange-huobi-reportedly-wants-to-buy-bithumb From] [[Decrypt]] (17-11-2020):
* [https://decrypt.co/48516/crypto-exchange-huobi-reportedly-wants-to-buy-bithumb From] [[Decrypt]] (17-11-2020):
"''[[Huobi]] is reportedly looking to purchase Bithumb in a bid to legalize its Korean operations."''
"''[[Huobi]] is reportedly looking to purchase Bithumb in a bid to legalize its Korean operations."''
== History ==
== History ==
== Audits & Exploits ==
* [[Bug bounty]] program can be found [insert here].
=== Bugs/Exploits ===
* Bithumb was [https://rekt.ghost.io/infura-issue-of-consensus/ effected] by the [[Infura]] outage on (10-11-2020) which shows they are relying on it in their structure.
*On March 30, 2019, Bithumb was [https://www.zdnet.co.kr/view/?no=20190402161129 hacked] for the second time in a year in what the company described as an "inside job."
*[https://cryptosec.info/exchange-hacks/ From] CryptoSec, a first data hack happened on 27-6-2017:
''"Hackers succeeded in grabbing the personal information of 31,800 Bithumb website users, including their names, mobile phone numbers and email [[addresses]]. The exchange claims that this number represents approximately three percent of customers."''
Amount stolen: n/a
But on 19-6-2018 a crypto hack occurred:
''"roughly 35 billion Korean won (around $31 million) in cryptocurrency was stolen by hackers from the South Korea-based exchange Bithumb"''
Amount stolen: $31,000,000
== Token ==
== Token ==
=== Launch ===
=== Launch ===
* [https://decrypt.co/40559/police-raided-korean-crypto-exchange-bithumb-says-report From] [[Decrypt]] (2-9-2020):
* [https://decrypt.co/40559/police-raided-korean-crypto-exchange-bithumb-says-report From] [[Decrypt]] (2-9-2020):
"''Seoul Shinmun noted that today’s raid was caused by Bithumb’s pre-sale of 30 billion won (roughly $25 million) worth of its native tokens BXA back in 2018. The exchange issued them ahead of its planned [https://decrypt.co/39815/korean-crypto-exchange-seized-after-banking-85-million-in-illegal-profits acquisition] by Singapore-based blockchain consortium BK Global but ended up never listing them after the [https://www.yna.co.kr/view/AKR20190928057700002 deal fell through]. This allegedly led to investors’ losses."''
"''Seoul Shinmun noted that today’s raid was caused by Bithumb’s pre-sale of 30 billion won (roughly $25 million) worth of its native [[tokens]] BXA back in 2018. The exchange issued them ahead of its planned [https://decrypt.co/39815/korean-crypto-exchange-seized-after-banking-85-million-in-illegal-profits acquisition] by Singapore-based blockchain consortium BK Global but ended up never listing them after the [https://www.yna.co.kr/view/AKR20190928057700002 deal fell through]. This allegedly led to investors’ losses."''


=== Token allocation ===
=== Token allocation ===
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"''South Korean crypto startup Bithumb is launching an “exchange-as-a-service” platform based on its new [[blockchain]].''
"''South Korean crypto startup Bithumb is launching an “exchange-as-a-service” platform based on its new [[blockchain]].''


''Announced Wednesday, the exchange said Bithumb Chain will allow users and developers to build decentralized finance ([[DeFi]]) applications on the [[open source]] [[blockchain]] network, which it hopes will act as the backbone to a new financial ecosystem.''
''Announced Wednesday, the exchange said Bithumb Chain will allow users and developers to build [[decentralized]] finance ([[DeFi]]) applications on the [[open source]] [[blockchain]] network, which it hopes will act as the backbone to a new financial ecosystem.''


''The company is currently building out the network, with a [[testnet]] set to go live before the end of the year and a [[mainnet]] launch anticipated sometime next quarter.''
''The company is currently building out the network, with a [[testnet]] set to go live before the end of the year and a [[mainnet]] launch anticipated sometime next quarter.''
Line 41: Line 52:
''Javier Sim, co-founder and managing director of Bithumb Global, told CoinDesk that the new blockchain will feature a “revolutionary [[consensus]] model,” referring to what the press release described as an OBFT hybrid consensus mechanism. However, he declined to share further details.''
''Javier Sim, co-founder and managing director of Bithumb Global, told CoinDesk that the new blockchain will feature a “revolutionary [[consensus]] model,” referring to what the press release described as an OBFT hybrid consensus mechanism. However, he declined to share further details.''


''VRF is a system where a function verifies its own output publicly, while [[BFT]] refers to the Byzantine generals’ problem, in which one must reach consensus among disparate actors operating in a trustless environment. BFT ensures that the system will continue working – even if some of the actors are working against it."''
''VRF is a system where a function verifies its own output publicly, while [[BFT]] refers to the Byzantine generals’ problem, in which one must reach consensus among disparate actors operating in a [[trustless]] environment. BFT ensures that the system will continue working – even if some of the actors are working against it."''
=== Mining ===
=== Staking ===
=== Liquidity Mining ===
=== Layer Two ===
=== Different Implementations ===
=== Interoperability ===
=== Other Details ===
=== Other Details ===
== Privacy Method being used ==
== Compliance ==
=== Compliance ===
 
== Oracle Method being used ==
* [https://decrypt.co/120418/bithumbs-ex-chairman-kang-jong-hyun-arrested-report From] [[Decrypt (DCPT)|Decrypt]] (2-2-2023):
''"South Korean authorities have arrested the former chairman of crypto exchange Bithumb, on charges of embezzlement and market manipulation. Prosecutors accused Kang Jong-Hyun of conspiring with a business partner to manipulate stock prices and steal 60 billion won ($49 million) from his company, local news outlet JTBC reported."''
*South Korea’s largest crypto exchange has [https://decrypt.co/40559/police-raided-korean-crypto-exchange-bithumb-says-report reportedly] been accused of fraud for pre-selling its BXA tokens and never listing them. It got raided on 2-9-2020.
== Their Other Projects ==
== Their Other Projects ==
=== DEX ===
== Governance ==
=== DAO ===
=== Self Funding Mechanism ===
== Upgrades ==
== Roadmap ==
== Roadmap ==
* Can be found [Insert link here].
* Can be found [Insert [[LINK|link]] here]
== Audits ==
== Usage ==
* [[Bug bounty]] program can be found [insert here].
 
=== Bugs ===
* As of 7-2017 the exchange with the biggest 24hr volume
* Bithumb was [https://rekt.ghost.io/infura-issue-of-consensus/ effected] by the [[Infura]] outage on (10-11-2020) which shows they are relying on it in their structure.


== Usage ==
=== Projects that use or built on it ===
=== Projects that use or built on it ===
== Competition ==
== Competition ==
== Coin Distribution ==
== Pros and Cons ==
== Pros and Cons ==
=== Pros ===
=== Pros ===
=== Cons ===
=== Cons ===
== Team, Funding, Partnerships, etc. ==
== Team, Funding, Partners ==
=== Team ===
=== Team ===
* Full team can be found [here].
* Full team can be found [here].

Latest revision as of 04:17, 6 February 2023

Basics

  • Founded in:
  • Mainnet release:
  • Based in: South Korean exchange
  • Has its own Bithumb Chain.

"Huobi is reportedly looking to purchase Bithumb in a bid to legalize its Korean operations."

History

Audits & Exploits

Bugs/Exploits

  • Bithumb was effected by the Infura outage on (10-11-2020) which shows they are relying on it in their structure.
  • On March 30, 2019, Bithumb was hacked for the second time in a year in what the company described as an "inside job."
  • From CryptoSec, a first data hack happened on 27-6-2017:

"Hackers succeeded in grabbing the personal information of 31,800 Bithumb website users, including their names, mobile phone numbers and email addresses. The exchange claims that this number represents approximately three percent of customers."

Amount stolen: n/a

But on 19-6-2018 a crypto hack occurred:

"roughly 35 billion Korean won (around $31 million) in cryptocurrency was stolen by hackers from the South Korea-based exchange Bithumb"

Amount stolen: $31,000,000

Token

Launch

"Seoul Shinmun noted that today’s raid was caused by Bithumb’s pre-sale of 30 billion won (roughly $25 million) worth of its native tokens BXA back in 2018. The exchange issued them ahead of its planned acquisition by Singapore-based blockchain consortium BK Global but ended up never listing them after the deal fell through. This allegedly led to investors’ losses."

Token allocation

Utility

Token Details

Stablecoin

Tech

  • Whitepaper can be found [insert here].
  • Code can be viewed [insert here].
  • Built on:
  • Programming language used:

Transaction Details

How it works

"South Korean crypto startup Bithumb is launching an “exchange-as-a-service” platform based on its new blockchain.

Announced Wednesday, the exchange said Bithumb Chain will allow users and developers to build decentralized finance (DeFi) applications on the open source blockchain network, which it hopes will act as the backbone to a new financial ecosystem.

The company is currently building out the network, with a testnet set to go live before the end of the year and a mainnet launch anticipated sometime next quarter.

Javier Sim, co-founder and managing director of Bithumb Global, told CoinDesk that the new blockchain will feature a “revolutionary consensus model,” referring to what the press release described as an OBFT hybrid consensus mechanism. However, he declined to share further details.

VRF is a system where a function verifies its own output publicly, while BFT refers to the Byzantine generals’ problem, in which one must reach consensus among disparate actors operating in a trustless environment. BFT ensures that the system will continue working – even if some of the actors are working against it."

Other Details

Compliance

"South Korean authorities have arrested the former chairman of crypto exchange Bithumb, on charges of embezzlement and market manipulation. Prosecutors accused Kang Jong-Hyun of conspiring with a business partner to manipulate stock prices and steal 60 billion won ($49 million) from his company, local news outlet JTBC reported."

  • South Korea’s largest crypto exchange has reportedly been accused of fraud for pre-selling its BXA tokens and never listing them. It got raided on 2-9-2020.

Their Other Projects

Roadmap

  • Can be found [Insert link here]

Usage

  • As of 7-2017 the exchange with the biggest 24hr volume

Projects that use or built on it

Competition

Pros and Cons

Pros

Cons

Team, Funding, Partners

Team

  • Full team can be found [here].

Funding

Partners