Seoul police authorities have allegedly raided the Bithumb exchange for a second time

• Recently, reports surfaced that the biggest cryptocurrency platform in South Korea, Bithumb had been raided by police. 

• Now, the exchange allegedly faces more police action as more raids are allegedly occurring for the company.

Recently, reports surfaced that the biggest cryptocurrency platform in South Korea, Bithumb had been raided by police. Now, the exchange allegedly faces more police action as more raids are allegedly occurring for the company.

The metropolitan police agency in Seoul have allegedly conducted further search and seizure checks at the headquarters for the platform in the Gangnam district on the 7th of September early this week.

Reports have stated that an official from the police department has said that the latest investigations are aiming to secure further evidence in relation to the current allegations against the chairman of the exchange, Lee Jung-hoon.

Reports further going to say that the executive is allegedly being accused of a major financial fraud including a Cryptocurrency. The native token of the platform has never been launched or listed but through promotion, the chairman has got himself involved in several high scale fraud allegations which caused investor damages of around $25 million.

Investigations are ongoing into this topic and more will be written on it as the story updates. However, this latest read by police came shortly after the authorities conducted their initial investigations on the headquarter offices on the 2nd of September last week.

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