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- Bithumb is operated by a company called BTC korea.com Co.ltd situated in South Korea headquartered in Seoul.
- Seoul Criminal Justice passed a Judgement by sentencing a 30 million Won fine to its domestic cryptocurrency exchange Bithumb for customer information.
- Bithumb robbed more than 31,000 customers’ personal information in 2017 through email attacks at that time.
In Korea, Bithumb is the number one cryptocurrency exchange. Bithumb is operated by a company called BTC korea.com Co.ltd situated in South Korea headquartered in Seoul. It is among the top 10 cryptocurrency exchanges worldwide in terms of trading volume.
It is believed to be responsible for about 50% of South Korea’s ether trading and 10% of the global bitcoin trade. In mid of 2017, Bithumb was a victim of a large hack that led to the loss of billions of won, and approximately 30,000 (3%) of Bithumb users were affected.
The noteworthy thing about Bithumb is for such a large exchange, and there is a surprising little information about the Bithumb’s team available on the internet. The Bloomberg profile for the company details is vague, with no mentions of executives, board members, or other data about the company. The only information we could come up with is that it’s a Seoul-based company.
Bithumb charged 30 Million South Korean Won
According to TokenPost Korea, In the afternoon of February 12, 2020, Seoul Criminal Justice passed a Judgement by sentencing a 30 million Won fine to its domestic cryptocurrency exchange Bithumb for customer information.
cryptocurrency leak and another 30 million won fine to the head of information management for violating laws regarding information protection.
According to prosecutors, Bithumb robbed more than 31,000 customers’ personal information in 2017 through email attacks at that time. These files were stored in the personal computer of Mr. Lee and were unencrypted with no intention of protection by even antivirus whatsoever.
South Korean Exchange Bithumb Hack 2017
To this incident, Mr. Lee, the representative of bethumb, said:
“I took the temporary role as the representative for a short period of time instead of Kim wo, who was the former director, and took into account that it was not caused by my fault alone.”
In 2017 itself, Bithumb was subjected to the large hack and criticized that the company did not take any blocking measures to prevent the excessive connection additionally not taking protective measures such as identifying the cause or notifying and reporting the hacking damage report.
The 30 Million won is considered to be the sum of the business and amount of damage incurred, which was handed over to the court by punishment regulation for punishing criminal actors and corporations.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
