South Korean Authorities Investigate Bithumb Over Misuse of Funds
- South Korean law enforcement conducted a search and seizure at Bithumb’s Seoul headquarters.
- The investigation involves former CEO Kim Dae-sik allegedly using $2 million of company funds for personal rent.
- Bithumb confirmed some allegations, stating Kim repaid the borrowed funds after an investigation.
- Bithumb was founded in 2014 and once held about 90% of South Korea’s crypto trading volume.
- The company is planning an IPO but faces challenges due to ongoing legal issues.
Authorities are investigating Bithumb after ex-CEO Kim Dae-sik allegedly used $2 million in company funds for personal use, which he later repaid. The firm faces legal hurdles as it plans an IPO.
Source (2.6)https://decrypt.co/310923/south-korean-crypto-exchange-bithumb-investigation?rand=52368
