Bithumb raided over former CEO's $2M apartment purchase, report

Bithumb was raided by South Korean authorities today after it allegedly provided its former CEO with $2 million for an apartment deposit.

YTN reports that the Seoul Southern District Prosecutor’s Office conducted the raid on Bithumb’s Yeoksam-dong headquarters after Kim Dae-sik allegedly misappropriated 3 billion won to buy the property in Seoul.

The Financial Supervisory Service initially launched an investigation and handed it over to Seoul’s prosecutors.

South Korean crypto scandal prompts Upbit and Bithumb raids

Read more: Pictures from Singapore raid that seized $735M in crypto and other assets

Bithumb was raided back in 2023, along with Upbit, after a South Korean lawmaker used the exchanges to hold roughly $4.5 million worth of wemix coins. 

The official was accused of trading cryptocurrency during parliamentary sessions and had voted in favor of various crypto legislation.

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