South Korean prosecutors raid Bithumb offices

On 26 January, the Seoul Southern District Prosecutors’ Office conducted searches at the offices of the cryptocurrency exchange Bithumb as part of an investigation into price manipulation of an unnamed coin. Yonhap reports.

According to the agency’s statement, they are examining transactions tied to a specific individual or legal entity that led to a price change in the asset for profit.

Similar operations will also be checked at other exchanges where this cryptocurrency is traded.

“This is a search and seizure to protect the details of the transaction of a specific coin, and it has nothing to do with Bithumb,” a prosecutor’s office spokesperson said.

At the same time, the National Tax Service of South Korea is investigating possible violations of tax laws by Bithumb Korea, Bithumb Holdings and other affiliated entities. The agency is examining the firms’ internal and international transactions.

Earlier Forklog reported that the Seoul Prosecutor’s Office issued an arrest warrant for the owner of Bithumb Kan Jong-hen, suspected of embezzlement and manipulating the stock price of several affiliated firms.

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