Bithumb Cryptocurrency Exchange Raided by South Korean Police For The Second Time

  • Police raid Bithumb crypto exchange offices for the second time in a week.
  • The raids aim at collecting more evidence on the case against Bithumb founder.

On Sept. 7, the Seoul Metropolitan Police Agency's Intelligent Crime Investigation Unit raided the country’s largest cryptocurrency exchange, Bithumb, for the second time in less than a week. According to reports from the local newspaper, Seoul Shinmun, the raid aims to collect additional evidence about the case opened against the Chairman of the board of directors at Bithumb Global and Bithumb Korea, Lee Jung-hoon.

Jung-hoon is facing charges of fraud and stealing assets from investors after a failed $25 million BXA token offering. The BXA token was highly advertised as the native token to the massive exchange but is yet to launch, leading to the current investigations.

The police seizures and raids targeted Bithumb Holdings' main offices in Gangnam, which also houses Bithumb Korea and its subsidiaries.

This is the second time a raid is being carried out at the headquarters of Bithumb in less than a week. The first raid was completed last week on Wednesday, as the crypto market witnessed bloodshed with Bitcoin losing over 5% in a day, as reported by BEG.

Bithumb has faced several court battles, including its tax battle with the National Tax Service (NTS) over a $69 million tax bill sent out to the exchange. Notwithstanding, the exchange is also troubled with its 2017 data breach after a court found Bithumb partially guilty in the data hack.

Despite the dark clouds hanging on top of Bithumb exchange, the platform remains one of the largest crypto exchanges in the world. Data from Coingecko shows the exchange ranks highly in daily volume traded recording $270 million in crypto trades over the past 24 hours.

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