South Korean crypto exchange Bithumb has been raided by police again, and its director’s shares have been seized. 

As we previously reported, on 2 September the company’s office in the Gangnam District of Seoul was raided by police, and now it appears there have been two follow up raids; one on 7 September, and one earlier today (16 September). 

According to reports in local media, during the latest raid police seized shares in Bithumb Holdings that belonged to Kim Byung-Geon, Director of Bithumb Korea. 

The investigation seems to be centered around possible fraud relating to Bithumb’s native BXA token – which was heavily promoted but never actually launched or listed, causing investors to lose an estimated $25m USD. 

Reports suggest the police action has already promoted Samjong KPMG, which is the supervisor of the sale of Bithumb, to declare it plans to sell its own stake in Bithumb Holdings.

AYO.NEWS says:

While it’s obviously inappropriate to comment on an ongoing investigation, it’s safe to say things are going from bad to worse for Bithumb! 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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