Bithumb – a well-known South Korea’s cryptocurrency exchange has been raided by the Seoul Metropolitan Police and it’s director’s shares are seized after he had applied for the seizure of the chairman’s shares.
During the Sep. 16 raid, 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 on Sep. 14.
It’s director had been unsuccessfully trying to acquire Bithumb, and had been sued in the process. He had previously applied to the seizure of a significant number of shares belonging to Chairman Lee Jung-Hoon, the majority shareholder.
Through promotion of the token, which has never been launched or listed, Lee reportedly got involved in a fraud causing $25 million worth of investor damages.
According to industry sources, Samjong KPMG, which is the supervisor of the sale of Bithumb, earlier this month completed a letter of intent (LOI) stating that it planned to sell its stake in Bithumb Holdings.