According to some sources, authorities raided Bithumb’s offices as part of an investigation into price manipulation of the listed coin.
Local authorities have launched an investigation into the possible manipulation of the exchange rate of a coin. On the other hand, the name of the token in question has not been disclosed. According to the news, it is transactions are investigatedwhich are linked to a specific person or entity that allegedly manipulated the coin’s price for profit.
“This is an investigation and seizure to secure transaction data for a particular coin. This has nothing to do with Bithumb.” – announced the Seoul District Prosecutor’s Office.
In addition to Bithumb, prosecutors plan to examine details of transactions on other crypto exchanges where the token is listed. The exchange is one of only five crypto exchanges in Korea following the closure of around 70 domestic exchanges in 2021 following failing to meet regulatory requirements.
The news came shortly following South Korean authorities sought an arrest warrant once morest Kang Jong-Hyun, president and owner of Bithumb, on embezzlement charges. Two other executives, including his brother Kang Ji-Yeon, CEO of Bithumb’s two listed subsidiaries, Inbiogen and Bucket Studio, have also been charged with embezzlement, embezzlement and illegal transactions. According to the authorities, the managers committed fraud with the company’s funds and also worked together to manipulate share prices.
As we previously reported in December, the largest shareholder of the crypto exchange, Park Mo, was found dead in front of his home. This came following the Kang brothers accused him of embezzlement and stock manipulation. The victim died under mysterious circumstances, but according to most sources, he committed suicide.
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