Police carry out second raid on Bithumb offices

The Criminal Investigation Division of the Seoul Metropolitan Police Agency conducted a second raid on Bithumb offices in a month, Seoul Shinmun reports.

The first raid on the exchange’s headquarters was carried out on September 2.

A police spokesperson said the new searches are aimed at finding additional evidence related to previously alleged charges against Bithumb chairman Lee Cheon-hoon.

The beneficiary owner of Bithumb Holdings and operator of Bithumb Korea is suspected of fraud related to the BXA token sale, which caused losses of about 30 billion won ($25 million) to investors.

The target of the second raid was the offices of Bithumb Holdings, the parent company of Bithumb Korea, police said.

In 2019 the exchange posted net profit of $30.5 million. In June it emerged that Bithumb planned to conduct an IPO.

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