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Major South Korean Crypto Exchange Raided by Police in Alleged $25.2M Fraud Case

South Korean police raided the country’s largest cryptocurrency exchange, Bithumb on September 2 as part of an investigation of fraud allegedly committed by the organization’s main shareholder. With the recorded number of visitors to the platform touching 4.11 million between May and July, Bithumb is the largest exchange in the country. According to a local publication, the Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit “searched and seized premises” used by the exchange as headquarters in Gangnam-gu, Seoul. Police action appears to stem from the alleged investment fraud committed at the issuance of the BXA, the exchange’s native token. Media…

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