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Crypto firms are struggling in South Korea

South Korean crypto exchanges Upbit and Bithumb have seen revenues plummet this year amid a wider downturn for crypto firms in the country.

Bithumb CEO booked in Korea over job offer bribe allegations

South Korean police have booked Bithumb CEO Lee Jae-won after he allegedly gave a politician’s son a job in return for legislative favors.

Bithumb apologised for sending up to 2,000 BTC to users which led to a 10% crash on the South Korean exchange.

Bithumb took action after SK Telecom was attacked with a malware infection that allowed hackers to access sensitive customer information.

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