Bitcoin

The South Korean police attack Bithumb again

It is reported that Bithumb, the largest crypto exchange in South Korea, is heading further police raids in Seoul.

The Seoul Metropolitan Police Agency has carried out additional search and seizure checks at Bithumb headquarters in Gangnam District. on September 7th according to local publication Seoul Shinmun.

According to the reports, A police officer said the latest investigation is aimed at obtaining additional evidence related to the existing allegations against Lee Jung-hoon. Chairman of the Board of Directors of Bithumb Korea and Bithumb Holdings.

The South Korean police attack Bithumb again
The South Korean police attack Bithumb again

As reported by Cointelegraph, The executive is allegedly accused of serious financial fraud related to the BXA token. The BXA token, advertised as a native Bithumb token, has never been published or listed. Jung-hoon was allegedly involved in a large-scale fraud through the promotion of the BXA token reportedly inflicted KRW 30 billion (US $ 25 million) in damage to investors.

The latest police raids occurred shortly after the Seoul police carried out their operations early investigation in Bithumb’s office September 2nd. Bithumb has not yet responded to Cointelegraph’s multiple investigations to confirm or disapprove the messages. This article will be updated pending new information from Bithumb.

In addition to research related to BXA, Bithumb was also recently concerned about the results of a Data breach incident in 2017. In early September 2020, a judge in the Seoul Central District Court reportedly ruled that Bithumb was partially responsible for the incident.

Despite the reports, the largest crypto exchange in South Korea continues to maintain its position in the market. The company is still the ninth largest crypto exchange in the world, according to the Coin360 cryptocurrency tracking tool. Reported daily trading volume at press time is approximately $ 250 million, down approximately 2.7% over the past 24 hours.

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