South Korean prosecutors search Bithumb headquarters in Seoul to investigate claims Bithumb company funds funded real estate acquisition by their past CEO.
Officials from Seoul South Southern District conducted their search at Bithumb’s Yeoksam-dong Seoul office building according to YTN Korean news. Law enforcement probes Bithumb transactions because they think the company gave money to its former CEO to help him buy an apartment in the upscale Seongsu-dong area.
The investigation sources show that Bithumb used 3 billion won ($2.4 million) as security money to rent the home for Kim. The investigators want to determine if company funds were spent to buy personal property instead of helping Bithumb’s business operations.
Bithumb Investigation Raises Legal Uncertainty
Public records show something must have occurred outside usual procedures but they have not said whether this broke internal rules or policies. Investigators have not yet provided advanced information about their future actions since their ongoing initial phase.
The Seoul Southern District Prosecutor’s Office waits to communicate its inspection results from the raid through official channels. The possibility of criminal action against Kim and Bithumb leadership remains uncertain in the minds of all crypto investors and market participants.
South Korean regulatory authorities targeted Bithumb with their inspection of crypto exchanges in the past. The fresh investigation may weaken both Bithumb’s image while changing how South Korea monitors digital money businesses.
Market analysts track Bithumb closely since any legal results will impact both investor sentiment and regulatory rules for South Korean crypto platforms. South Korean authorities are toughening crypto oversight across the marketplace while performing this investigation.
