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The major South Korean crypto exchange Bithumb is under investigation by police in Seoul

September 2, 2020

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

According to a report from the local publication Seoul Shinmun, an intelligence division of Seoul Metropolitan Police Agency conducted a search and seizure investigation at Bithumb’s office in the Gangnam District on September 2.

The latest reviews allegedly relate to an ongoing police investigation Lee Jung Hoon, Chairman of the Board of Directors of Bithumb Korea and Bithumb Holdings.

The major South Korean crypto exchange Bithumb is under investigation by police in SeoulThe major South Korean crypto exchange Bithumb is under investigation by police in Seoul

According to reports The executive branch has been investigated for alleged economic fraud involving the token known as BXA. This would have been touted as The native Bithumb token that was eventually revealed to be involved in a large-scale fraud that caused 30 billion won ($ 25 million) of damage to investors.

The crypto exchange did not immediately respond to Cointelegraph’s request to confirm the messages. This article will be updated until new information is available.

Bithumb is the top cryptocurrency exchange in South Korea and the ninth in terms of average daily trading volume worldwide. As reported in June 2020, the company is reportedly planning an IPO.

The company isn’t the only exchange in South Korea recently picked up by police in Seoul. End of August, The Metropolitan Police Agency would have raided Coinbit’s operations and taken control, the third largest crypto exchange in the country. The company would be involved in generating $ 85 million in revenue through market manipulation.

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