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Crypto Currency Exchange Bithumb Involved In Fraud?

South Korean officials for the second time in a week, crypto currency exchange Bithumb reportedly raided the office.

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Crypto Currency Exchange Bithumb Involved In Fraud?

South Korean officials for the second time in a week, crypto currency exchange Bithumb reportedly raided the office.The Seoul Newspaper reported that the Digital Crime Investigation Unit of the Seoul Metropolitan Police Service raided Bithumb’s Seoul office and obtained evidence of a fraud investigation.

The Seoul police department reported that the raid took place on 2 September. The reason for the pressure against Bithumb was the announcement to the investors that their own tokens, the BXA token, will be issued, and accordingly, 25 million dollars were taken from them under the pretext of selling tokens. But the trouble starts right here: The token in question was never released and was not listed on any exchange.

Some investors reportedly lost millions of dollars and Bithumb’s chairman Lee Jung-hoon was accused of fraud and illegally sending money abroad.Bithumb, one of the largest exchanges by South Korea’s trade volume, was first published last Wednesday, September 2. After this pressure, the stock market was pressed once again on September 7, not long after – only 5 days later.

Authorities targeted offices related to Bithumb Holdings, the parent company of Bithumb Korea, which runs the Bithumb stock exchange this time. When asked about this situation to the officials of the famous crypto money exchange Bithumb; He contented himself with the statement “Everything is going well”.

First Raid

It was reported that it took over South Korea’s largest crypto exchange Bithumb. According to the information obtained from The Block, it was learned that the Seoul Metropolitan Police Service has raided South Korea’s largest crypto exchange Bithumb with allegations of fraud.

Seoul Shinmun, the oldest newspaper in South Korea, reported that Bithumb’s offices were raided today. The exchange has been accused of pre-selling local BXA tokens worth about 30 billion won (~ $ 25 million) to investors and then failing to list the token that allegedly harmed investors.

Caused BXA Token

The token, which attracted investors’ interest, was sold for $ 25 million after Bithumb took action to acquire Singapore-based BK Group in the past and pre-sold a token named BXA before the deal. But later the agreement between these two companies could not be completed and BXA was not listed on the stock exchange.

Unfortunately, South Korean cryptocurrency exchanges seem to be having trouble lately. Last week, the Seoul Metropolitan Police Department raided the Coinbit exchange for allegedly inflating about 99% of their trading volume, resulting in an “unfair profit” of about $ 84 million for the exchange and its team.

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