BitcoinSistemi 2025-03-20 10:19:07

South Korea's Second Largest Cryptocurrency Exchange Shocked by Investigation! Were Funds Misused? Here Are the Details

South Korean prosecutors raided the headquarters of cryptocurrency exchange Bithumb today to investigate allegations that company funds were misused to finance the purchase of personal real estate by its former CEO, according to local news outlet YTN. South Korean Prosecutors Raid Bithumb HQ Over Alleged Misuse of Funds The investigation, referred to authorities by the Financial Supervisory Service (FSS), focuses on whether Bithumb improperly allocated corporate funds to facilitate the purchase of a luxury apartment for its former executive. Bithumb, one of the largest crypto exchanges in South Korea, has faced regulatory scrutiny in the past and this latest development could further impact its position in the market. At the time of reporting, Bithumb has not made any public statements regarding the investigation. Authorities are expected to continue to examine financial records and transactions related to the case. Bithumb is a South Korean cryptocurrency exchange. Founded in 2014 by Javier Sim, Bithumb Korea is the most influential digital currency exchange in the country with 8 million registered users, 1 million mobile app users, and a current cumulative trading volume exceeding $1 trillion. *This is not investment advice. Continue Reading: South Korea's Second Largest Cryptocurrency Exchange Shocked by Investigation! Were Funds Misused? Here Are the Details