Korean police identify man suspected of leading an online sexual blackmail ring
South Korean police suspect Bithumb chairman of fraud
Bithumb chairman suspected of fraud worth about $ 25 million
Also, the head of the exchange is suspected of non-payment of taxes on foreign real estate
A potential buyer of Bithumb is also involved in the fraud case.
Seoul Police Summons Bithumb Chairman For Interrogation For Suspected Large Fraud
Law enforcement agencies in Seoul, South Korea, have summoned the chairman of the largest South Korean cryptocurrency exchange Bithumb, Lee Jong Hoon, for questioning, the South Korean edition of Yonhap writes. Lee is reportedly suspected of a particularly large fraud of about $ 25 million.
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In addition to Lee, the head of BK Group (a potential buyer of Bithumb) Kim Byung Goon is also suspected of fraud, but no investigation is underway against him, the newspaper writes. According to Yonhap, Seoul police suspect the Bithumb chairman of presale of $ 25 million in native Bithumb BXA tokens to investors and subsequent refusal of listing, resulting in investment losses.
The editorial staff of BeInCrypto previously wrote that Bithumb held a closed round of the sale of BXA tokens as part of the purchase of the exchange by the BK Group, but the deal did not take place until the end. Lee is also suspected of tax evasion on overseas property.
Throughout 2019, Bithumb has repeatedly featured in scandals..
For example, in March 2019, over a million EOS were stolen from Bithumb due to weak technical security measures. A little later, in June 2019, the exchange was found guilty of lacking the necessary measures to protect confidential information, which led to the leakage of over 30,000 personal data of exchange users in 2017.
Amid pre-trial proceedings against Bithumb, South Korea’s central bank has formed a legal advisory group to explore the possibility of digital currency launch Central Bank (CBDC) Bills and coins may be a thing of the past due to new financial instrument – Central Banks Digital Currency (CBDC).
As of … More). The group is tasked with studying the industry and advising on legislation or amendments needed to make the CBDC function..
Whether potential litigation against Bithumb will lead to changes in the level of regulation of the cryptocurrency market in South Korea remains unknown..
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