The impact of self-chain removal on Bithumb and the future of cryptocurrency exchange governance

Bithumb’s centralized governance model, including its opaque removal process (such as the 2021 Monero removal), raises risks similar to flawed SSL certificate systems where unilateral control undermines trust. The exchange's self-chain infrastructure allows the arbitrary removal of assets without community consensus, which can distort liquidity and expose users to operational vulnerabilities. Investors are advised to diversify their positions, require transparency, and adopt a multi-chain strategy to reduce these centralized risks.