South Korean prosecutors raided Bithumb due to allegations by ex-CEO EMBEZZLING funds from the exchange
South Korean prosecutors have launched an investigation in Bithumb, one of the country’s largest cryptocurrencies, claiming that the company’s funds have been used properly to help a former executive buy an apartment.
Officials from the office of the Manager of the Seoul Southern District boarded the Bithumb office in Yeoksam-Dong and other locations on Wednesday., Media Report.
WU BLOCKCHAIN reported that some projects has paid up to $ 10 million in fees to list their tokens in Uphbit and Bithumb.
The investigation focused on allegations that gave Bithumb a 3 billion KRW ($ 2 million) security deposit for an apartment lease in Seongsu-Dong, Seoul, for Kim Dae-Sik, the company’s former CEO and current advisor.
The Financial Supervisory Service, the South Korean financial regulator, reviewed the case before passing it to prosecutors. Speaking to The selected day -dayA Bithumb spokesperson reported that some of the allegations were correct, Kim added that the loan amount was paid throughout the loan.
Bithumb has faced many legal challenges in recent years, including tax probes and an aggression relating to a Price manipulation probe. Its latest challenge comes as the company has been reported to be considering -alang listed shares in Nasdaq.
Bithumb is not immediately available for comment in contact with CoinDesk.
Denuch: The information gathered for this article is translated with the use of artificial intelligence.
Update (March 20, 12:33 UTC): Adds further Details and background.
