Bithumb keeps silence after second visit of the police during this week.
Based on local media report The Seoul Metropolitan Police Agency has conducted additional search and seizure verification at Bithumb’s headquarters in the Gangnam District on Sept. 7
The police official representatives mentioned that the investigation goal is to fix additional proofs related to existing allegations against Lee Jung-hoon, chairman of board at Bithumb Korea and Bithumb Holdings.
Based on the information Cointelegraph, this person is accused of major financial fraud with BXA token. Advertised as Bithumb’s native token, BXA token has been never launched or listed. So by advertising promoting BXA token, Jung-hoon knew about a high scale fraud which has brought damages amounting to around 25 million USD in Korea Won.
Recent police raid took place after the revealing of the results of primary investigations in Bithamb office on Sept. 2.
Alongside BXA-related investigations, Bithumb had troubles related to the results of user data leak in 2017. At the beginning of September 2020, a Judge in the Seoul Central District Court mentioned that Bithumb was partially guilty in this incident
Despite the aforementioned circumstances, South Korea’s largest exchange stays on its position on the market. The crypto exchange remains being the ninth-largest crypto exchange worldwide. The reported daily trading volume makes about $250 million.