Hold onto your hats, crypto enthusiasts! Bithumb is back in the hot seat, and it's a saga you won't want to miss! Picture this: South Korean prosecutors are digging into Bithumb's laundry list of legal entanglements, and this time the spotlight is on an ex-CEO and a swanky apartment deal.
South Korean prosecutors have launched an investigation into Bithumb, suspecting the company of funneling a whopping 3 billion won (that's about $2.2 million!) to Kim Dae-sik, their former CEO and current advisor. The buzz is that these funds were used to snag an apartment in the glitzy Seongsu-dong neighborhood of Seoul. And guess what? That apartment's value shot up by millions in 2023. Talk about a real estate jackpot!
The Financial Supervisory Service (FSS) sniffed out the trail and passed the baton to the prosecutors. A Bithumb spokesperson admitted there might be some truth to these rumors, revealing that Kim took out a loan to pay back the apartment money. Drama, right?
But wait, there's more! Bithumb isn't new to courtroom dramas. Earlier in 2023, they were raided alongside Upbit in connection with lawmaker Kim Nam-kuk. Kim was discovered to have a hefty stash of Wemix coins and was accused of wheeling and dealing in crypto during parliamentary meetings. And yes, he had a hand in voting for crypto regulations. Ironic, isn't it?
And the plot thickens! Just when you thought it couldn't get juicier, authorities raided Bithumb's offices again. Allegations surfaced about an employee cooking the books with BXA (Bithumb Coin) prices. Meanwhile, the alleged mastermind, Kang Jong-hyun, was facing charges of embezzlement and market manipulation.
This drama also stars Bithumb's ex-CEO, Lee Sang-jun, and pro golfer Ahn Sung-hyun, both entangled in a web of stock price manipulation and bribery. Legal verdicts came crashing down with Lee getting two years, Ahn four-and-a-half years, and Kang one and a half years in the slammer.
Stay tuned, because in the world of crypto, there's never a dull moment!
