Korea: two police raids against Bithumb Exchange

Korea’s largest exchange crypto, Bithumb, was targeted by the Seoul Metropolitan Police Agency’s intelligence investigation unit, which seized and searched several of the company’s offices including Bithumb’s headquarters in Gangnam-gu.

A local media reported it.

This is the second police raid on the exchange offices. The first was just 5 days ago and was done to gain further evidence about the accusations that have been made against this exchange.

Korea, The accusations against the Bithumb exchange

The problem arose at the end of last year when several BXA token investors sued Lee Jung-hoon, chairman of the board of directors of Bithumb Holdings, Bithumb Korea and BK Kim Byung-gun, for fraud and embezzlement.

The BXA token was a real disaster because the exchange had promised to list the token, but this never happened because the token collapsed in price and so investors were left with a token that was practically useless since thanks to the listing they could at least sell and recover at least what they had invested at the beginning.

In addition, a ghost company was discovered in the British Virgin Islands that could have been used to move the tokens and make some money disappear.

The hacker attack against Bithumb would not be a coincidence

Let us not forget also the attack that took place in March last year. Bithumb lost more than 19 million dollars, seeing 12.5 million EOS and 6.2 million XRPs disappear, and the clues collected showed that it was caused by people within the exchange itself.

In short, a story that is really unclear and that could bring a negative wave on this exchange that, according to the current ranking of CoinMarketCap, is at position number 5 with daily volumes over 250 million dollars.