1. QiAi QuestsHome
  2. Crypto & Markets

Bithumb Crypto Exchange Under Probe for Allegedly Accepting Money for Listing Cryptocurrencies

• Crypto & Markets • 59 views

Bithumb Crypto Exchange Under Probe for Allegedly Accepting Money for Listing Cryptocurrencies

On March 17th, it was confirmed that employees of Bithumb, another cryptocurrency exchange in South Korea, after Coinone, were also being investigated by prosecutors for allegedly collecting money to list cryptocurrencies. The Financial Investigation Department 2 of the Southern Seoul District Attorney’s Office conducted an arrest and search on the Bithumb Holdings office and the suspect Lee.

Bithumb employees are investigated by South Korean prosecutors for allegedly accepting bribes when the company launched cryptocurrency

Analysis based on this information:


The cryptocurrency exchange market has always been marked by its vulnerability to fraudulent practices and security breaches. In recent news, Bithumb, a major player in the South Korean cryptocurrency exchange market, has come under investigation for allegedly accepting bribes in exchange for listing cryptocurrencies. Following in the footsteps of Coinone, another South Korean cryptocurrency exchange, Bithumb now finds itself embroiled in allegations of money laundering and other malpractices.

On March 17th, the Financial Investigation Department 2 of the Southern Seoul District Attorney’s Office conducted an arrest and search on Bithumb Holdings office in connection with the investigation. While details about the arrest and search are not clear, it is believed that officials were looking for evidence of illegal activities such as accepting money in return for listing cryptocurrencies or engaging in insider trading.

The investigations into Bithumb come as a result of a government crackdown on cryptocurrency exchanges in South Korea. With the Korean government increasingly enforcing regulations on the crypto market, cryptocurrency exchanges no longer have the freedom to operate as they please. While the government’s actions may be seen as an attempt to protect investors, the investigation of Bithumb raises concerns about the legitimacy and transparency of the exchange market in general.

This latest setback for Bithumb follows a string of controversies that have plagued the exchange. In 2018, the exchange was hacked, resulting in the loss of millions in cryptocurrency. Additionally, Bithumb’s financial state has been called into question when it failed to meet tax obligations and suffered financial losses.

The investigation of Bithumb is a clear signal that the days of unbridled and unregulated activity in the cryptocurrency exchange market are over. The South Korean cryptocurrency exchange market, in particular, is now facing tighter scrutiny, which is sure to bring about changes in the industry. For investors, it may be wise to approach the exchange market with caution and a greater level of scrutiny moving forward.

In conclusion, the investigation into Bithumb underscores the need for transparency and regulation in the cryptocurrency exchange market. With increasing government enforcement of regulations, investors can only hope that such crackdowns serve to weed out malpractices and restore trust in the industry.

Word Count: 401.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/crypto/6419.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/17/2023 08:07
Next 03/17/2023 08:21

Related recommendations