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

According to a report from Seoul Shinmun, the crime intelligence unit at the Seoul Metropolitan Police Agency is said to have investigated and searched Bithumb office in Gangnam district on September 2, 2020.

Seoul police said it raided the South Korean exchange Bithumb

As reported, the latest inspections are believed to be related to the ongoing police investigation involving Lee Jung Hoon, chairman of the board of Bithumb Korea and Bithumb Holdings.

The CEO is believed to be under investigation for the entanglement of economic fraud allegations related to BXA tokens. The token was initially promoted as the native token of Bithumb. In the end, however, it turned out that the token was involved in large-scale fraud, costing investors 30 billion won ($ 25 million).

Until now, Bithumb has remained silent on these allegations.

Bithumb is South Korea’s largest cryptocurrency exchange and the ninth-largest cryptocurrency exchange by average global daily trading volume. According to a report in June 2020, the company is said to be planning an IPO. However, it seems that this plan is not very supportive.

Bithumb is not the only crypto exchange in South Korea that has been under the spotlight of Seoul police recently. In late August, the Seoul Metropolitan Police Agency is said to have raided and arrested the activities of Coinbit, the country’s third-largest cryptocurrency exchange. The exchange was allegedly involved in generating $ 85 million in income from market manipulation.

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