South Korean leading cryptocurrency exchange Bithumb has been raided by the Seoul Metropolitan Police for the 3rd time within this month.
In line with a recent official report by the native reporting media, the police reportedly seized several shares in Bithumb Holdings belonging to Bithumb Korea Director Kim Byung-Geon. The seizure action was granted by the Seoul Central District Court earlier on 14th Sep.
Kim had been unsuccessfully trying to accumulate Bithumb and had been sued within the process. He had previously filed a legal application for the seizure of several shares belonging to Chairman Lee Jung-Hoon, the majority of the shareholder.
The recent police raid on the exchange is the third within this month after an earlier raid on 2nd Sep. following after another raid on 7th Sep. over an alleged financial fraud around Bithumb’s native BXA token.
Via promotion of the token, that has never been launched or listed, Lee reportedly got involved within a fraud causing $25 Mln worth of investor damages.
In line with industry sources, Samjong KPMG, who is the supervisor of the sale of Bithumb, earlier this month completed an LOI [letter of intent] adding that it planned to sell its own stake in Bithumb Holdings.
This is believed to possess been preempted by the raids earlier this month and therefore the ongoing legal dispute inbetween Kim & Lee.