Seoul Police Said to be Probing Bithumb Crypto Exchange

The police in South Korea are now investigating another exchange.

The latest news has it that the police in Seoul are now investigating Bithumb, a crypto exchange company in South Korea known to be the biggest.

A local media outlet, Seoul Shinmun, said Bithumb has just been raided by the intelligence crime department of the police agency in Seoul. The raided office is located at Gangnam District.

The operation was carried out in a bid to gather more information for investigating Lee Jung Hoon, the board’s chairman for Bithumb Korea and Bithumb Holdings.

Some of Bithumb’s leaders are being investigated to know if, and how they were involved in the BXA token fraud. The BXA token was promoted as Bithumb’s native token so several investors decided to buy, but they lost. The amount involved here is 30 billion won (or $25 million).

If daily trade volumes among crypto exchanges in South Korea are calculated, Bithumb’s will be the highest. Its daily trading volume is so high that it even appears among the top ten crypto exchanges in the world. Binance mentioned some months ago that investors should expect its initial public offering.

The Seoul police have investigated some other crypto exchanges within this period. Coinbit, the third biggest crypto exchange in South Korea, was in the police’s net in the last days of August. Coinbit is being investigated for market manipulation that made it realize a profit of $85 million.

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