South Korean police have seized shares in Bithumb, the nation’s greatest crypto trade. The shares belong to Bithumb Korea director and main shareholder Kim Byung-Geon.

In response to an area media report, the police raid – the third on the trade this month – follows a September 14 ruling from the Seoul Central District Courtroom.

The seizure was executed on September 16 at Bithumb’s Gangnam workplace by accounting agency Samjong KPMG, which may also shortlist extra shareholdings to be bought in Bithumb Holdings. The accountants are overseeing the sale of the trade.

It isn’t clear how a lot of Kim Byung-Geon’s stake was confiscated. Nevertheless, the director has been making an attempt to accumulate Bithumb with out success. He has reportedly been sued within the course of, whereas additionally submitting an software for the confiscation of Lee Jung-Hoon’s stake, Bithumb chairman and majority shareholder.

Bithumb is at the moment below investigation for monetary fraud involving $25 million. The trade was raided twice this September in reference to the fraud case, which pertains to the personal sale of Bithumb’s native token, Blockchain Trade Alliance (BXA), in 2018.

The tokens had been by no means listed on the Bithumb platform as promised by the corporate, leading to traders reportedly struggling losses to the tune of $25 million.

What do you concentrate on the successive police raids at Bithumb? Tell us within the feedback part beneath.

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