Bithumb (BXA)

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## Basics

* Based in: South Korean exchange

* As of 7-2017 the exchange with the biggest 24hr volume
* Has a 0.0075% fee
* Trades 6 pairs, BTC, ETH and Ripple among them. With fiat Korean money.
* On March 30, 2019, Bithumb was hacked for the second time in a year in what the company described as an "inside job."
* Has its own Bithumb Chain.
* 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.

* From Decrypt (17-11-2020):

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

## 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].

### 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."*

## Audits

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

### Bugs

* Bithumb was effected by the Infura outage on (10-11-2020) which shows they are relying on it in their structure.