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Photo = Bithumb |
[Alpha Biz= Paul Lee] According to an exclusive report by Chosun Biz, South Korean cryptocurrency exchange Bithumb, which is currently under investigation by financial authorities for sharing its order book with foreign exchanges, was found to have received more than KRW 10 billion worth of crypto assets from BingX, an overseas exchange operating without regulatory approval in Korea.
A domestic blockchain research institute, commissioned by Chosun Biz, confirmed that since mid-June, over ten types of digital assets were transferred from BingX’s hot wallet to Bithumb’s hot wallet. These assets include Ethereum (ETH), USDC, PEPE, and others, moved across several transactions.
Based on transaction timestamps, the total value is estimated at around KRW 10 billion.
A hot wallet refers to a cryptocurrency wallet connected to the internet that is used for storing and transferring digital assets.
Bithumb does maintain wallets for receiving tokens used in promotional listing events, typically sent by project foundations. However, the crypto assets received from BingX were not related to any listing event, according to the analysis.
Under Korea’s Act on Reporting and Using Specified Financial Transaction Information, unregistered virtual asset exchanges like BingX are prohibited from conducting business in Korea, including order-book sharing or direct transactional arrangements.
While some forms of technical collaboration require case-by-case review, financial authorities generally regard cryptocurrency transfers themselves as a form of “transaction.”
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
