South Korean police resume investigation into Bithumb case
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Answer South Korean police resume investigation into Bithumb case
It seems that the problems of cryptocurrency exchange Bithumb will not end!
Today, Monday, South Korean police reopened an investigation into the Bithumb fraud case involving the former head of the platform.
The news comes within just a month after Hong Kong regulators indicted senior Bithumb executives in July over a fraud case.
Subsequently, a group of 14 investors filed a second fraud case.
The Seoul Metropolitan Police Agency has begun investigating former Bithumb chief Lee Jong-hoon.
According to the local bulletin,Korean HeraldKim Byung-gun, the head of the Korean group Bithumb, is also linked to the fraud case and is now under investigation.
What was stated in the post:
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In the complaint, the investors told that they offered 718 Bitcoin and 7,793 Ethereum worth 6.92 billion won ($6.01 million) to Kim in October 2018 after he pledged to acquire Korean Bithumb and said an unlisted coin called BXA would soon be issued and listed.
False promises:
It turns out that Kim’s promises to investors and the media have failed.
The Korean Bithumb takeover did not materialize as the investors’ money went to Lee.
Currently, investors are arguing that Kim and Lee are complicit in the matter.
The sale date of the Korean “Bithumb” is set for September 2019.
According to reports, Kim paid Lee $100 million, and did not pay the rest.
In addition, the listing of “BXA” never took place as it was announced which led to huge losses for the investors.
Last year, South Korean police conducted a similar investigation after complaints from investors.
Seoul police charged Lee last month with fraud.
With the latest filing, the group of 14 investors submitted additional evidence to the police, including recordings.
Regulators around the world have been aggressive and have started to hunt down suspicious trading platforms, which shows that the worldwide regulatory landscape for cryptocurrencies is evolving.
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Read also:
The story of a couple who lost access to $5.8 million worth of Ethereum
The story of a 12-year-old who made over $160,000 in one day in NFT tokens
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