South Korean authorities have launched an investigation into cryptocurrency exchange Bithumb, conducting a raid at its headquarters in connection with allegations that company funds were improperly used to finance real estate purchases by its former CEO.
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The investigation, initiated by the Financial Supervisory Service (FSS), centers around claims that Bithumb diverted corporate money to secure a high-end apartment for the former executive.
This is the latest chapter in a series of regulatory challenges faced by Bithumb, one of South Korea’s leading crypto exchanges.
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As of now, the company has not issued a statement regarding the raid or the ongoing investigation. Investigators are focusing on examining the exchange’s financial records and transactions in an effort to uncover further details about the alleged misconduct.
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Founded in 2014 by Javier Sim, Bithumb has become one of the dominant players in South Korea’s crypto market, boasting over 8 million registered users and a trading volume surpassing $1 trillion.
However, its continued regulatory scrutiny could have broader implications for its operations moving forward.
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Alexander Stefanov
