20 billion of Bithumb Tokens sold privately and not for use on exchange platfom

01 Jan, 2019 | Updated: 01 Jan, 2019
by Fifi Arisandi
20 billion of Bithumb Tokens sold privately and not for use on exchange platfom

Bithumb decided to close the year of 2018 with an announcement regarding the their token, BXA.

According to BK Group’s president, Byunggun Kim, 20 billion of BXA that was released last October will be sold privately by Singapore-based investors, Orange Block.

Kim confirmed that the sale that’s conducted privately will end soon, with no future plan of releasing them on other platforms than the one developed by Bithumb, despite the rumor that the unsold tokens will be released on Bithumb exchange.

As of release time, 350 people or institutions have bought BXA tokens, most of them are overseas institutional investors.

According to The News Asia, BXA is created for use as a payment solution for the Singaporean e-commerce trading market. The company is also said to have received 12 sites pledging their intentions to use the token on their platforms.

Flashback to 2018, the South Korean exchange has gone through many things that has made them the headline of various media multiple times. 

Following the major hack that costed them more than $30 million of customers’ funds last June, the exchange was reported to have been purchased by a Singapore consortium for $353 million in October.

Moreover, Bithumb also faced multiple accusations from the public, such as the alleged Kimchi premium practice, using promotional activities to inflate transaction volume, as well as performing wash trading, while at the same time facing multiple lawsuits from their customers, whose funds were stolen from unauthorized access by hackers months after the hack.

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