Bithumb (BXA)

Basics

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

• From Decrypt (17-11-2020):

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

Audits & Exploits

• Bug bounty program can be found [insert here].

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

• 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 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."

Tech

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

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• From this CoinDesk article (6-11-2019):

"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."

Compliance

• From 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 reportedly been accused of fraud for pre-selling its BXA tokens and never listing them. It got raided on 2-9-2020.

Roadmap

• Can be found [Insert link here]

Usage

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

Team, Funding, Partners

Team

• Full team can be found [here].