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    Home»Crypto News»South Korean Crypto Alternate Bithumb Raided Over Ex-CEO's Use of Funds – Decrypt
    South Korean Crypto Alternate Bithumb Raided Over Ex-CEO's Use of Funds – Decrypt
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    South Korean Crypto Alternate Bithumb Raided Over Ex-CEO's Use of Funds – Decrypt

    By Crypto EditorMarch 20, 2025No Comments2 Mins Read
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    South Korean Crypto Alternate Bithumb Raided Over Ex-CEO's Use of Funds – Decrypt

    South Korean authorities have launched an investigation into native cryptocurrency change Bithumb, including to the agency’s authorized issues.

    Legislation enforcement executed a search and seizure at Bithumb’s headquarters in Seoul in reference to the investigation, South Korean newspaper Chosun Each day reported Wednesday, citing an announcement from the Seoul Southern District Prosecutors’ Workplace. The case includes allegations that former Bithumb CEO and advisor Kim Dae-sik used firm funds to pay a $2 million safety deposit for his private house rental.

    Bithumb didn’t instantly reply to Decrypt’s request for remark despatched outdoors of South Korean enterprise hours.

    The corporate commented on the investigation to Chosun Each day on Wednesday. 

    “Among the suspicions are true, and instantly after the Monetary Supervisory Service’s investigation, advisor Kim repaid the entire funds he had borrowed from a big firm to buy an house,” a Bithumb consultant advised the publication. 

    Based in 2014, Bithumb shortly amassed a powerful following in South Korea, with the agency accounting for roughly 90% of market share by buying and selling quantity at one level, in accordance to native English-language newspaper Korea Occasions.

    However in recent times, a flurry of tax evasion probes and fraud allegations in opposition to the agency’s senior leaders have raised considerations concerning the firm’s enterprise practices.

    Bithumb has since undergone a restructuring, and it’s shifting ahead with plans to launch an IPO and enhance its market share. This newest scandal, nevertheless, threatens to complicate its bid to safe a list on the Nasdaq inventory change. 

    South Korea is among the largest markets for crypto buying and selling. Almost 15% of its inhabitants is registered with a crypto change, Bloomberg reported in December. In the meantime, crypto buying and selling within the nation eclipsed that of shares late final yr, in accordance with the publication.

    Edited by James Rubin

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