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Crypto Exchange Bithumb Gets Raided by South Korean Police Again

Crypto Exchange Bithumb Gets Raided by South Korean Police Again

South Korean police have reportedly raided top South Korean crypto exchange Bithumb once more. This time, the police have seized and searched two of the renowned crypto platform’s offices in the country.

According to local media KBS News, the police raided the exchange to “secure additional evidence related to the allegations raised.”

This is the second time that the police have raided Bithumb. The first one was on September 2, which was connected to the exchange’s top board director Lee Jung-hoon. According to a report, Hoon was alleged to be involved in a massive investment fraud related to the issuance of a certain BXA token.

According to the initial report, Hoon partnered with BXA token issuer BK Group through Chairman Kim Byung-gun in 2018. Hoon pre-sold the said token to crypto investors, amassing a whopping 30 billion won ($25 million). Nevertheless, they did not immediately list the BXA token on Bithumb, which caused its price to plummet.

Hoon has since been under police investigations under accusations of fraud and “escape of property abroad.”

Bithumb has been quiet regarding the issue. At the moment, it remains as one of the top-performing exchanges in the world in terms of daily trading volume, following closely behind Binance and Coinbase. In South Korea alone, Bithumb remains the top choice of cryptocurrency users.

Read More: South Korean Police Seize Bithumb Shares in Third Raid

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.