Bithumb To Be Sold Off After Repeated Police Raids

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Bithumb (Courtesy: twitter)
Bithumb (Courtesy: twitter)

Bithumb is reportedly set to be sold off after reported police raids. The last raid was reported at its headquarters in South Korea.

On September 2, Bithumb headquarters in South Korea were raided by police. The biggest crypto currency exchange in the country was raided as a part of the investigation into fraud.

Multiple media reports said that the Seoul Metropolitan Police Agency’s Intelligence Unit raided Bithumb’s central offices in the Gangnam District of Seoul on the morning of September 2, seizing and confiscating data.

The police are yet to issue a statement regarding the investigation and police are reportedly still conducting their search at the time of writing.

Furthermore, the investigation was carried out due to the controversial BXA token, issued by the Blockchain Exchange Alliance (BXA) and the Singapore-based BXA Consortium – and the failed takeover of the company by a Singapore-based South Korean firm that eventually defaulted on payment.

A group of BXA investors has been trying to push ahead with a legal case against Bithumb executives Lee Jung-hoon and Kim Byung-gun.