The drama about the alleged fraud involving the top executives of Bithum …


The drama over the alleged fraud involving Bithumb’s top executives continues when the company’s president was reportedly summoned for questioning.

South Korean police seize Bithumb’s shares in third raid this month

The Seoul Metropolitan Police Agency is apparently seeking to question Lee Jung-hoon, chairman of the board of Bithumb Korea and Bithumb Holdings, according to a Sept. 18 report from South Korea’s state news agency Yonhap.
Lee is charged with multiple crimes of fraud and embezzlement in connection with the failed addition of the BXA token. The alleged fraud caused damages to investors of up to 30 billion won ($ 25 million), the report notes. Police are also seeking to question Lee about an alleged embezzlement of investor funds in overseas property purchases or overseas investments.

South Korean police raid Bithumb again

According to Yonhap, Kim Byung-gun, another president of Bithumb, is accused of being involved in the BXA fraud alongside Lee. However, the police have yet to launch an investigation against Kim.
The latest news comes shortly after the Seoul police seized several shares of Bithumb Holdings belonging to Lee. The executive was reportedly unable to acquire Bithumb and was sued in the process.

Bithumb was found “partially responsible” for a 2017 hack

As Cointelegraph reported, local police conducted two raids on Bithumb’s offices in connection with the alleged fraud in September.


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