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Just One of Korea’s ‘Big Four’ Bitcoin Exchanges Profited in Crypto Winter 2018

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By CCN.com: South Korea is the fourth most active country in the world in crypto trading, per Coinhills. This, however, did not count for much as three of the country’s top four bitcoin exchanges recorded losses in 2018. The big four are Upbit, Bithumb, Coinone and Korbit. According to Business Korea, only Upbit recorded a profit among the four.

The largest loss was incurred by Bithumb. Last week, its parent company BTC Korea.com announced a net loss of 205.4 billion Korean won ($180.7 million) for 2018. The losses were largely attributed to the fall in the value of the cryptocurrencies that Bithumb held.

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Hacked Bitcoin Exchange Bithumb Tells Traders to Halt Deposits

Bithumb, the exchange recently hacked last week to the tune of around $20 million, sent out an e-mail this morning asking customers to cease making deposits until further notice. The exchange reiterates its claim that no customer funds are lost. Instead, the request is to help investigators. It reads, in part: We would like to … Read more

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Massive Bitcoin Exchange Hack Exposes Bithumb’s Arrogant Disregard of Security

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In another blow to the crypto industry’s reputation, South Korean bitcoin exchange Bithumb was hacked again on Saturday morning. The hack marks the second time the exchange has been successfully penetrated in less than a year. Is arrogance or incompetence to blame?

Bithumb Hadn’t Even Repaired its Reputation Since the Last Hack

The Bithumb hack saw the offenders make off with around $20 million worth of EOS and Ripple (XRP). Three million EOS were stolen, along with 20 million XRP tokens. Influential crypto analyst Dovey Wan initially tweeted that the exchange’s cold wallet had been targeted, though that ultimately proved to be inaccurate:

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75% of Bitcoin Exchanges Report ‘Suspicious’ Crypto Trading Volumes: Research

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A site called TheTie released a report today that estimates over 86% of all reported Bitcoin exchange volume is suspicious, while 75% of exchanges report extremely dubious volumes. The research uses a different formula than other reports have: it values each website’s visitors and compares that value to the reported figures. Potential Fake Crypto Volumes … Read more

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South Korea’s Top Crypto Exchange Just Launched a Major Product, But is There Real Demand From Institutions?

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Bithumb, South Korea’s largest Bitcoin exchange by trading volume, has launched an over-the-counter (OTC) trading platform that will allow deep-pocketed traders to exchange crypto assets off the books. In an official announcement, Bithumb Global Limited, a Hong Kong-based subsidiary of the South Korean exchange, said that it will cater services to institutional clients under the … Read more

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Report: Crypto Exchanges in South Korea Scrambling to Survive as Bear Market Hits Hard

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According to a local publication Blockinpress, crypto exchanges in South Korea are struggling to adjust to changing market conditions and the 14-month-long correction. Since January 2018, the global crypto exchange market has seen a rapid decline in volume. With the exception of Bitcoin and Ethereum, the majority of both major digital assets and tokens have … Read more

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South Korea’s Largest Bitcoin Exchange May Go Public on US Stock Market, Will Anyone Care?

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By CCN.com: US investors may soon be able to invest in one of the world’s largest bitcoin exchanges following its listing on the over-the-counter (OTC) US stock market. No, Silicon Valley darling and cryptocurrency unicorn Coinbase hasn’t decided to go public, but Bithumb — the largest bitcoin exchange in South Korea and one of the … Read more

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Upbit CEO: Crypto Regulation is Necessary, But is Korea on Right Track?

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On December 10, Lee Seok-wu, the CEO of Dunamu, the parent company of South Korea’s largest crypto exchange Upbit, said that regulation is important to establish industry standards. During a meeting with several members of the Congress and the Financial Services Commission (FSC) hosted by Upbit, Bithumb, Gopax, Korbit, and Coinone, five of the biggest … Read more

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Crypto Exchange Bithumb May Have [Temporarily] Propped up Bitcoin Price: Analysts

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The bitcoin price touched a fresh yearly low this morning, leaving traders and investors scrambling for answers as the crypto market searches for a bottom. While there are numerous pressures that have weighed on bitcoin as it has taken step after step away from last year’s all-time high, research from CryptoCompare suggests that South Korean … Read more

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Korean Crypto Giant Bithumb Makes U.S. Foray with Security Token Exchange Deal

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Cryptocurrency exchanges continue to demonstrate resilience despite this year’s downturn in trading volume and prices. Most recently, Bithumb, which is South Korea’s biggest cryptocurrency exchange, is making an expansion push, having partnered with seriesOne, a Miami, Florida-based crypto and ICO fundraising portal, to launch an exchange for regulated security tokens in the U.S. The companies … Read more