Name Change Announcement
This month, the Singapore-based cryptocurrency exchange Bitholic has officially rebranded itself as Bithumb Singapore. The change, reported by local media News1 Korea on August 8, is part of Bithumb’s larger strategy to expand its global footprint.
What’s Behind the Rebranding?
The name change signifies more than just a new sign on the virtual door; it represents Bithumb’s ambitions to penetrate new markets. An official from Bithumb stated that Bitholic is set to launch a coin trading business under its new moniker, Bithumb Singapore. As of now, however, the Bitholic website still reflects its old name, which is a minor hiccup in their branding transition.
Leadership Changes and Structural Mysteries
Park Jung-hoon, the individual representing the newly named exchange, has a noteworthy background. He’s notably a former director of the Bithumb Strategic Planning Office. Though the rebranding is clear, the equity structure of Bithumb remains shrouded in mystery. You know, the family secrets of crypto exchanges!
BK Global Consortium and the Acquisition
Turning the page back to October 2018, a major player in this tale is the BK Global Consortium, which acquired a majority share in Bithumb for a whopping $354 million. This consortium is not just about crunching numbers; it’s led by Kim Byung-gun, a plastic surgeon who splits his time between clinics in South Korea and Singapore and dabbles in blockchain investments.
Legal Hurdles on the Horizon
However, it hasn’t all been smooth sailing for Bithumb. Recent reports revealed that the exchange faces serious legal challenges, notably for inadequate protection of user data. Prosecutors allege that a significant data breach stemmed from poor safeguards that led to a hack costing users nearly $7 million. Allegations point to Bithumb’s practice of storing customer information on unencrypted employee computers—a fumble in the digital age that could have catastrophic consequences.
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