South Korea raids Bithumb amid ex-CEO’s alleged $2M embezzlement

Quick Summary:

The investigation centered around allegations that the crypto exchange gave a 3 billion Korean won (over $2 million) apartment lease deposit to Kim Dae-sik, its former CEO and board member, who now works as an adviser to the firm. Prosecutors raised concerns over potential financial misconduct within the company, suspecting that Kim used some of the funds to purchase a personal apartment.

After this, Bithumb said Kim repaid the funds spent on the apartment purchase in full. Related: Wemix denies cover-up amid delayed $6.2M bridge hack announcementBithumb faces probe amid IPO pushThe investigation comes as the crypto exchange attempts another push to go public.

South Korean prosecutors raided crypto exchange Bithumb following suspicions that its former CEO embezzled funds to purchase an apartment. On March 20, Seoul’s Southern District Prosecutors Office reportedly searched Bithumbs offices in the country.

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Article Details

Author / Journalist: Cointelegraph by Ezra Reguerra

Category: Crypto

Markets: United StatesJapanSouth Korea

Topics: Apartment Company Funds Reported Purchase Bithumb’s Exchange Crypto Bithumb Investigation Prosecutors

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-20 @ 10:34:51 (19 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 405 words

Reading Time: 3 minutes read

Sentences: 28 lines

Sentence Length: 15 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27190181

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