South Korean authorities have reportedly seized Bithumb, one of the countryâs biggest cryptocurrency exchanges by trading volume.
- The Seoul Newspaper reported Wednesday that officers from the Seoul Metropolitan Police Agencyâs Intelligent Crime Investigation Unit had raided Bithumbâs headquarters, located in the capitalâs central Gangnam District.
- The police action was apparently linked to a $25 million token sale hosted on Bithumb and a proposed acquisition by a Singapore platform, BTHMB, that never materialized.
- Per a report from TheNews, some investors said they lost millions participating in the sale.
- Bithumbâs chairman, Lee Jung-hoon, has been accused of fraud and illicitly sending funds overseas.
- CoinDesk has approached Bithumb for confirmation.
- This is the second raid on a South Korean cryptocurrency exchange in a week.
- Last week, police seized Coinbit â the countryâs third-largest exchange â on allegations it had faked most of its trading volumes.
- Bithumb is one of South Koreaâs largest cryptocurrency exchanges â 24-hour trading volume stood at over $365 million, according to CoinGecko.
- The exchange appeared to still be active at press time.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.