Bithumb is reportedly underneath investigation by Korean prosecutors for allegedly utilizing firm cash to assist the previous CEO’s condominium buy.
South Korean prosecutors have reportedly raided the headquarters of cryptocurrency trade Bithumb over allegations that the corporate’s funds have been used to help its former CEO in buying an condominium.
In response to Korean information channel YTN, the Seoul Southern District Prosecutor’s Workplace carried out the raid on Bithumb’s workplace in Yeoksam-dong. The investigation is alleged to be wanting into claims that Bithumb may need helped former CEO Kim Dae-sik, now an advisor, with cash for getting an condominium in Seoul’s Seongsu-dong space.
A supply near the investigation informed YTN that Bithumb is alleged to have given Kim a 30 billion received (round $20.4 million) lease deposit for the condominium, which could have been used for his private property buy.
As of press time, the prosecutor’s workplace made no official assertion concerning the specifics of the raid because the investigation remains to be in its early levels, the report notes. It stays unclear whether or not any expenses might be filed towards Kim or different Bithumb officers.
In September 2024, crypto.information reported that Bithumb is pursuing an preliminary public providing on the Nasdaq inventory trade within the U.S., aiming for a list within the second half of 2025. At a shareholders’ assembly, the corporate reportedly confirmed the plan, revealing that it’s actively pursuing an IPO with Samsung Securities because the lead underwriter.