Bithumb headquarters

Bithumb’s Headquarters Swooped On By Police

Bithumb’s headquarters, one of South Korea’s largest cryptocurrency exchanges was raided by the Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit in South Korea.

The Seoul Newspaper reported Wednesday that officers from the Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit had raided Bithumb’s headquarters, located in the capital’s central Gangnam District.

The police action was apparently linked to a $25 million token sale hosted on Bithumb and a proposed acquisition by a Singapore platform, BTHMB, that never materialized.

Accroding to a report from TheNews, some investors said they lost millions participating in the sale by the crypto exchange.

Crypto exchange bithumb’s chairman, Lee Jung-hoon, has been accused of fraud and illicitly sending funds overseas.

CoinDesk has approached Bithumb for confirmation.

This is the second raid on a South Korean cryptocurrency exchange in a week.

Last week, police seized Coinbit – the country’s third-largest exchange – on allegations it had faked most of its trading volumes.

Bithumb is one of South Korea’s largest cryptocurrency exchanges – 24-hour trading volume stood at over $365 million, according to CoinGecko.

The exchange appeared to still be active at press time.

This article is sourced from:https://www.coindesk.com