South Korean Police Seize Shares From Major Bithumb Shareholder

South Korean police have seized stocks in Bithumb, the rustic’s largest crypto alternate. The stocks belong to Bithumb Korea director and primary shareholder Kim Byung-Geon.

Consistent with a neighborhood media record, the police raid – the 3rd at the alternate this month – follows a September 14 ruling from the Seoul Central District Courtroom.

The seizure used to be performed on September 16 at Bithumb’s Gangnam workplace via accounting company Samjong KPMG, which will even shortlist further shareholdings to be bought in Bithumb Holdings. The accountants are overseeing the sale of the alternate.

It isn’t transparent how a lot of Kim Byung-Geon’s stake used to be confiscated. On the other hand, the director has been looking to gain Bithumb with out good fortune. He has reportedly been sued within the procedure, whilst additionally submitting an utility for the confiscation of Lee Jung-Hoon’s stake, Bithumb chairman and majority shareholder.

Bithumb is recently underneath investigation for monetary fraud involving $25 million. The alternate used to be raided two times this September in reference to the fraud case, which pertains to the non-public sale of Bithumb’s local token, Blockchain Trade Alliance (BXA), in 2018.

The tokens had been by no means indexed at the Bithumb platform as promised via the corporate, leading to buyers reportedly struggling losses to the song of $25 million.

What do you consider the successive police raids at Bithumb? Tell us within the feedback segment beneath.

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