Korean Regulators Seize Shares Of Major Investor In Digital Asset Exchange Bithumb

Korean regulators have detained the shares of a key investor in virtual currency exchange Bithumb amidst continuing investigations. Korean regulators declared the appropriation of the shares of the digital asset exchange from a main amidst a continuing case of the exchange ostensibly tricking its clients, according to a local news outlet Newsfreezone.

Kim Byung-Geon, Chairman of BK, who had been previously sued in the procedure of failing to buy Bithumb, had his holdings in the exchange detained. The report mentioned that the seizure took place subsequent to a verdict by Seoul Central District Court on September 14.

The confiscation was accomplished yesterday at the Bithumb Korea Office in Gangnam-gu, Seoul. It was managed by accounting firm Samjong KPMG, which will also make a shortlist to sell additional stakes in Bithumb Holdings.

Presently, Bithumb is going through inquiries into its business after it ostensibly sold its native BXA tokens for around thirty billion won (around twenty-five million USD) based on a previous takeover agreement with the BK Group. Nevertheless, the exchange was unsuccessful in listing the cryptocurrency which purportedly led to enormous losses for investors.