South Korean crypto exchange Bithumb under fire in price manipulation analysis
- South Korea is moving forward with transactions to gain profit for everyone,
- Almost 70 local exchanges had shut down due to non-compliance,
- It has nothing to do with Bithumb; this is a search and seizure to gather transaction information for a single currency.
Prosecutors in South Korea are looking into transactions involving a specific individual or organization that moved the price of a currency to earn a profit. They claimed they would also look into pertinent dealings on other currencies.
According to Yonhap, a raid on the Bithumb headquarters took place on Thursday as part of an inquiry into price manipulation of a coin traded on the South Korean cryptocurrency exchange. But there is no mention of a specific currency.
As per prosecutors, they are looking into transactions that involved a specific individual or organization manipulating the coin’s price to benefit. According to the article, they want to look into transaction information at other exchanges where the currency is listed.
This is a search and seizure to obtain the transaction data of a single currency, and it has nothing to do with Bithumb, according to a representative of the Seoul Southern District Prosecutor’s Office.
In recent local news reports, Kang Jong-Hyun, the chairman of Bithumb, and two experienced staff were accused in a congressional inquiry of engaging in deceptive criminal activity, bribery and betraying their trust. Kang is suspected of misusing company funds and attempting to exploit stock prices.
There will only be five Korean bitcoin exchanges left after a crackdown in 2021, with Bithumb among them. At the time, almost 70 local exchanges had shut down due to non-compliance with regulatory regulations.
The raid occurred while South Korea’s tax officials were also looking into Bithumb. They were looking into possible tax evasion through local and international dealings with the exchange and its subsidiaries.
Posted Date: July 8, 2023
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