Seoul police have reportedly raided Bithumb, the most important cryptocurrency change in South Korea.In accordance with a report by native publicat
Seoul police have reportedly raided Bithumb, the most important cryptocurrency change in South Korea.
In accordance with a report by native publication Seoul Shinmun, an intelligence crime unit on the Seoul Metropolitan Police Company has reportedly carried out search and seizure investigations at Bithumb’s workplace within the Gangnam District on Sept. 2.
As reported, the newest checks are purportedly linked with an ongoing police investigation involving Lee Jung Hoon, chairman of board at Bithumb Korea and Bithumb Holdings.
The chief has reportedly been beneath investigation for alleged financial fraud involving the token often known as BXA. The token was purportedly promoted as Bithumb’s native token that finally turned out to be concerned in excessive scale fraud that triggered investor damages of 30 billion received ($25 million).
Bithumb didn’t instantly reply to Cointelegraph’s request to substantiate the information. This text will likely be up to date pending new data from the change.
Bithumb is South Korea’s largest cryptocurrency change and the ninth-largest crypto change by common each day buying and selling quantity globally. As reported in June 2020, the corporate is allegedly planning to carry an preliminary public providing.
Bithumb isn’t the one crypto change in South Korea that got here beneath the highlight of Seoul police just lately. In late August, the Seoul Metropolitan Police Company reportedly raided and seized the operations of Coinbit, the nation’s third-largest cryptocurrency change. The change is allegedly concerned in producing an earnings of $85 million from market manipulation.