Seoul police have reportedly raided the leading South Korean cryptocurrency exchange, Bithumb.
In line with a recent official report by native reporting media, Seoul Shinmun, an intelligence crime unit at the Seoul Metropolitan Police Agency has reportedly conducted search & seizure investigations at Bithumb’s office within the Gangnam District today on 2nd Sept.
As reported earlier, the newest checks are purportedly linked with an ongoing police investigation involving Lee Jung Hoon, chairman of the board at Bithumb Korea as well as Bithumb Holdings.
The executive has reportedly been under investigation for alleged economic fraud involving the token referred to as BXA. The token was purportedly promoted as Bithumb’s native token that eventually linked to being involved within a high scale fraud that caused investor damages of over $25 Mln’s.
However, at the reporting time, Bithumb has not officially verified the news.
Bithumb is South Korea’s leading cryptocurrency exchange and also the 9th leading cryptocurrency exchange by avg daily trading volume globally. As reported earlier in the month of June this year, the company is allegedly planning to conduct an ICO soon.
Bithumb isn’t the sole crypto exchange operational within South Korea that came under the spotlight of Seoul police recently. Also earlier in August, the Seoul Metropolitan Police Agency reportedly raided and seized the operations of Coinbit, the country’s 3rd-largest cryptocurrency exchange. The exchange is allegedly involved in generating an income of $85 Mln from market manipulation.