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Crypto Exchange Bithumb Raided in South Korean Price Manipulation Probe: Report
South Korean prosecutors are investigating transactions related to a specific person or entity moving the price of a coin to make a profit, and said they will also examine relevant transactions on other exchanges.
Updated May 9, 2023, 4:06 a.m. Published Jan 27, 2023, 10:27 a.m.
The offices of Bithumb were raided on Thursday as part of an investigation into price manipulation of a coin listed on the South Korean crypto exchange, Yonhap reported. The coin involved wasn't identified.
Prosecutors are investigating transactions related to a specific person or entity moving the price of the coin to make a profit, they said. They plan to examine transaction details at other exchanges where the coin is listed, according to the report.
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"This is a search and seizure to secure the transaction details of a specific coin, and it has nothing to do with Bithumb," an official for the Seoul Southern District Prosecutor’s Office said.
The raid took place at a time when Bithumb is also being probed by South Korea's tax authorities, who are investigating tax evasion via domestic and international transactions on the exchange and its affiliates.
In a separate probe, local news outlets reported this week that Bithumb Chairman Kang Jong-Hyun and two other executives were charged with embezzlement, breach of trust and fraudulent illegal transactions. Kang is alleged to have stolen company money and conspired to manipulate stock prices.
Bithumb is one of only five Korean crypto exchanges following a 2021 crackdown in which approximately 70 domestic exchanges closed after failing to meet regulatory requirements.
The exchange did not immediately respond to CoinDesk's request for further comment.
Read more: South Korean Lawmakers Are Gearing Up to Regulate Crypto. What Could That Look Like?
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