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South Korean establishments have supposedly apprehended one of the nation’s biggest digital currency exchanges by trading volume, Bithumb.
On Wednesday, the Officers from the Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit had invaded Bithumb’s headquarters, located in the capital’s central Gangnam District, as per a report published by The Seoul Newspaper.
The constabulary action was ostensibly linked to a twenty-five million USD token sale hosted on Bithumb and an anticipated acquisition by a Singapore platform, BTHMB, that did not happen.
According to a report by TheNews, a couple of investors mentioned that they lost millions partaking in the token sale.
Lee Jung-hoon, the present Chairman of Bithumb, has been suspected of deception and unlawfully transferring funds abroad.
Notably, this is the 2nd incursion on a Korean digital currency exchange in a week. In the preceding week, the South Korean forces apprehended Coinbit, the 3rd largest virtual asset exchange in the nation. There were accusations on the exchange that it had forged most of its trading volumes.
It is to be noted that Bithumb is one of key Bitcoin exchanges in South Korea with a twenty-four-hour trading volume of more than 468 million USD, as per coinmarketcap.
At press time, we have not received any official confirmation of the aforementioned development. The digital currency exchange seemed to still be active, at the time of reporting.
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