It is a South Korean cryptocurrency exchange founded in 2013, a very popular exchange used by South Koreans. BTC Korean.com LTD Company was the one that founded this exchange, and Seoul has been the headquarters of the exchange ever since then. Bithumb supports almost all the available cryptocurrency; however, it only supported the Korean Republic won as a fiat currency. The transaction fees in Bithumb is independent of the transaction amount. It has a constant transaction fee of $0.15. In regards to trading volume, Bithumb is one of the largest cryptocurrency trading companies.
When it comes to security, Bithumb has very difficult security properties as well as verification processes. This makes the exchange very secure and safe to use. In January 2018, a significant event took place in Bithumb. The government raided the exchange with allegations of tax evasion. Bithumb was found not guilty of the allegations even though they were forced to pay roughly $28 million to the government as back taxes. A year after that incident, Bithumb laid off thirty employees claiming that the declining trading volume and profits were the reason behind the layoff.
Hackers made use of an employee’s personal computer to get information and hack into the exchange in 2017. In June 2018, another hack took place, and thirty-two million dollars was stolen from Bithumb. Another one took place in March 2019, and nearly twenty million dollars was stolen from the exchange, although this loss was blamed on insiders.
