South Korean police have seized shares in Bithumb, the nation’s largest crypto exchange. The shares belong to Bithumb Korea director and main shareholder Kim Byung-Geon.
Based on a neighborhood media report, the police raid – the third on the exchange this month – follows a September 14 ruling from the Seoul Central District Court docket.
The seizure was executed on September 16 at Bithumb’s Gangnam workplace by accounting agency Samjong KPMG, which can even shortlist extra shareholdings to be offered in Bithumb Holdings. The accountants are overseeing the sale of the exchange.
It isn’t clear how a lot of Kim Byung-Geon’s stake was confiscated. Nonetheless, the director has been making an attempt to accumulate Bithumb with out success. He has reportedly been sued within the course of, whereas additionally submitting an software for the confiscation of Lee Jung-Hoon’s stake, Bithumb chairman and majority shareholder.
Bithumb is at the moment underneath investigation for monetary fraud involving $25 million. The exchange was raided twice this September in reference to the fraud case, which pertains to the non-public sale of Bithumb’s native token, Blockchain Change Alliance (BXA), in 2018.
The tokens had been by no means listed on the Bithumb platform as promised by the corporate, leading to buyers reportedly struggling losses to the tune of $25 million.
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