Police seize part of Bithumb Holdings’ shares during third raid in a month

Seoul police seized shares of Bithumb Holdings belonging to Bithumb Korea director Kim Ben-genu. This raid at the cryptocurrency exchange’s office was the third in September, report by local media.

The order was issued by the Seoul Central District Court on September 14. Earlier, Kim Ben-genu had unsuccessfully attempted to acquire Bithumb. Later, he sought to confiscate a portion of the shares from the company’s chairman.

The beneficial owner of Bithumb Holdings and operator Bithumb Korea is suspected of fraud in connection with the BXA token sale. The alleged losses to investors amounted to about 30 billion won (~$25 million).

On 2 September, police conducted the first raid at the company’s headquarters. The second raid took place a few days later at the offices of Bithumb Holdings, the parent company of Bithumb. Police were seeking additional evidence related to the charges against Lee Jeong-hoon.

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