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Bithumb raided over former CEO’s $2M apartment purchase, report

The raid follows an investigation into a former Bithumb CEO who allegedly misused $2 million of company money to purchase an apartment.

South Korean crypto scandal prompts Upbit and Bithumb raids

Cryptocurrency exchanges Upbit and Bithumb were raided on Monday as part of an investigation into a politician who held $4.5M wemix coins.

According to a former Bithumb executive, the exchange has been aggressively listing shady kimchi coins “for a while.”

The fraud trial of former Bithumb exec Lee Jung-hoon has come to an end, with prosecutors requesting an eight year sentence on Tuesday.