Police raid at the office of South Korea’s bitcoin exchange Bithumb

Seoul Metropolitan Police Agency conducted raids at the offices of South Korea’s largest cryptocurrency exchange, Bithumb, according to Seoul Shinmun.

The police raid is connected to an ongoing investigation into Bithumb chairman Lee Jong-hoon. He is accused of fraud related to the BXA token sale, which harmed investors to the tune of about 30 billion won ($25 million).

The token was marketed as the exchange’s native token, but BXA never made it onto Bithumb’s listing.

Earlier, took place at the offices of a major South Korean bitcoin exchange Coinbit. It is suspected of trading-volume fraud, which allegedly allowed it to earn more than 100 billion won (~$85 million).

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