Bithumb exchange investigated by South Korean authorities under fraud suspicion

• Authorities in Seoul, South Korea have allegedly raided the Bithumb platforms’ headquarters. 

• This is one of the biggest crypto platforms in the nation.

Authorities in Seoul, South Korea have allegedly raided the Bithumb platforms’ headquarters. This is one of the biggest crypto platforms in the nation.

According to a report by a local publication, an intelligence crime unit at the military Metropolitan police agency has reportedly conducted a search and seizure of the office for the platform on the 2nd of September.

These latest checks are allegedly in regards to an ongoing police investigation which involved the chairman at Bithumb Korea, Lee Jung Hoon.

The claims are that the executive made economic fraud involving the token known as BXA. This token was allegedly promoted as the native token to the platform and eventually turned out to be in high scale fraud that caused investor damages to be up to $25 million.

As the biggest crypto platform in the industry based in South Korea, this is massive news. As this story develops, we will publish more news on this topic.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!