Seoul Police Seized South Korean’s Crypto Exchange Bithumb for Second Time
Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit raided Bithumb for the second time in connection to the BXA token fraud allegations against its Chairman.
Bithumb is the largest crypto asset exchange in South Korea. It has over 8 million registered users. One million mobile app users and the current overall volume has exceeded $1 trillion.
According to the local Seoul Shinman publication, the Seoul Police entered Bithumb’s headquarters and seized evidence relating to a $25 million fraud investigation linked to the sale of BXA token.
The investors in these tokens faced losses as the exchange did not list them on its platform for trading. In this raid authorities target the offices relating to Bithumb Holdings, the parent company of Bithumb Korea, which operates the crypto exchange platform.
Bithumb’s Chairman Lee Jung-hoon, accused of illicitly moving funds overseas. The first raid happened last week for the same case.
Despite the investigations, South Korea’s largest exchange keeps holding its position on the market. It has also got global reach and impressive influence in the crypto space.
Bithumb has recently launched its smart token BTCS, along with ETHS, XRPS, LTCS, BCHS, BSVS, and COMPS.
As per tokenmarketcap data, the crypto exchange is still the ninth-largest crypto exchange worldwide. The reported daily trading volume accounts for about $250 million at the time of publishing, down around 16.58 % over the past 24 hours.