Bitcoin

South Korean police seized Bithumb’s shares in the third raid this month

The largest crypto exchange in South Korea, Bithumb was attacked for the third time this month by the Seoul Metropolitan PoliceAccording to a report in a local media company.

During the September 16 raid, police allegedly confiscated several shares in Bithumb Holdings owned by Bithumb Korea director Kim Byung-Geon. The seizure suit was approved by the Seoul Central District Court on September 14th.

Kim had tried unsuccessfully to acquire Bithumb and was sued in the process.. He had previously filed an application for the seizure of a significant number of shares in majority shareholder Lee Jung-Hoon.

South Korean police seized Bithumb’s shares in the third raid this month
South Korean police seized Bithumb’s shares in the third raid this month

The last police raid on the stock exchange is the third this month after an initial raid on September 2 and another raid on September 7 of alleged serious financial fraud related to Bithumb’s domestic token BXA.

By promoting the token, which was never launched or listed, Lee was allegedly involved in a scam that inflicted $ 25 million in damage to investors.

According to the industry Samjong KPMG, Who is the Bithumb Sales Supervisor? Earlier this month, he finalized a Letter of Intent (LOI) stating that he was planning to sell his own stake in Bithumb Holdings.

This is believed to have anticipated the raids earlier this month and the ongoing legal battle between Kim and Lee.

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