Seoul Police Raids South Korea’s Crypto Exchange Bithumb
Seoul Police Raids South Korea’s Crypto Exchange Bithumb
September 2, 2020
Seoul Police Raids South Korea’s Crypto Exchange Bithumb
Seoul Police Raids South Korea’s Crypto Exchange Bithumb
September 2, 2020

Seoul police have reportedly raided Bithumb, the largest cryptocurrency exchange in South Korea.

It has been reported by the local publication Seoul Shinmun that an intelligence crime unit at the Seoul Metropolitan Police Agency has reportedly conducted search and seizure investigations at Bithumb’s office in the Gangnam District.

However, the latest checks are purportedly connected with an ongoing police investigation involving Lee Jung Hoon, the Chairman of Board at Bithumb Korea and Bithumb Holdings.

The executive has reportedly been under investigation for alleged economic fraud involving the token known as BXA, as the token was promoted as Bithumb’s native token that eventually turned out to be involved in high scale fraud that caused investor damages of 30 billion won ($25 million).

As per the report, Bithumb did not confirm the news.

As estimated, Bithumb is South Korea’s largest cryptocurrency exchange and the ninth-largest crypto exchange by average daily trading volume globally.

The company is allegedly planning to hold an initial public offering.

ALSO READ :  SBI Financial Services Acquires UK-Based Crypto Trading Firm B2C2

Likewise, Bithumb is not the only crypto exchange in South Korea that came under the spotlight of Seoul police recently. In late August, the Seoul Metropolitan Police Agency raided and seized the operations of Coinbit, the country’s third-largest cryptocurrency exchange.

Thus, the exchange is allegedly involved in generating an income of $85 million from market manipulation.

Source: Cointelegraph | Image: Cryptonews


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.