Bithumb Faces Scrutiny Over Alleged Misuse of funds
South Korean prosecutors are investigating cryptocurrency exchange Bithumb. they suspect the company used its money to help its former CEO buy an apartment. The Seoul Southern District Prosecutor’s Office raided Bithumb’s office.They are checking if Bithumb gave Kim Dae-sik, now an advisor, a 3 billion won (about $2.4 million) lease deposit. This coudl have used company funds for a personal apartment purchase.
Prosecutors raided Bithumb’s office in Yeoksam-dong. They are looking into claims that bithumb gave Kim Dae-sik, the former CEO, a 3 billion won lease deposit. This might have been used for his apartment in Seongsu-dong. A source told YTN about the examination. The prosecutor’s office hasn’t commented yet, as the probe is still in its early stages.
It’s unclear if charges will be filed against Kim or other officials. In September 2024, Bithumb announced plans for an IPO on the nasdaq. The company aims to list in the second half of 2025. samsung Securities is leading the IPO process. This news adds to the scrutiny Bithumb is facing.
