South Korean police seized the country’s largest cryptocurrency exchange, Bithumb, on Wednesday. The company is currently under investigation for possible violations of the country’s anti-money laundering laws.
The South Korean’s Largest Crypto Exchange Bithumb is a South Korean cryptocurrency exchange that was seized by the Seoul Police on April 19th, 2018. This seizure of the exchange has caused an influx in the price of Bitcoin and other cryptocurrencies. Read more in detail here: is cryptocurrency legal.
1 year ago | 2 minutes to read
News from the Exchange
Bithumb is South Korea’s biggest cryptocurrency exchange. The Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit is said to have raided it for a $25 million token sale on its platform.
According to the report, the raid was linked to Lee Jung Hoon, Chairman of the Board of Bithumb Korea and Bithumb Holdings. Loon is suspected of defrauding people and illegally transferring money abroad.
The token sale for BXA was said to have been conducted by Bithumb. The cryptocurrency was allegedly marketed as Bithumb’s native token, resulting in a large-scale scam that cost investors 30 billion won ($25 million).
The token auction attracted over 300 participants, who together lost millions of dollars.
The Bithumb transaction charge is about 30% of the transaction value. Users, on the other hand, contacted the exchange’s customer service to inquire about the excessive transaction costs.
Customer service at Bithumb responded, saying,
“The Ethereum network is presently overburdened, resulting in very high costs. Onmi or trc 20” withdrawals are available.
Transaction Fees for Bithumb Customers (screenshot)
Furthermore, Bithumb is the world’s ninth-largest cryptocurrency exchange by average daily trading volume. According to Tokenmarketcap, the exchange’s 24-hour trading volume was above $365 million.
Last Monday, authorities in South Korea confiscated cryptocurrency exchange Coinbit for conducting a fraudulent transaction to acquire 100 billion won (84 million). There’s a possibility that additional assaults like these may occur if South Korea continues to violate crypto rules.
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