Korean prosecutors raid Bithumb over alleged funds misuse in ex-CEO’s property deal: report

Bithumb was the subject of a survey by Korean prosecutors for having allegedly used business money to support the purchase of apartments from the former CEO.

South Korean Prosecutors would have made a descent into the siege of the cryptocurrency exchange Bithumb On allegations that the company’s funds were used to help their former CEO to buy an apartment.

According to Korean News Channel YTN, the office of the Southern Seoul District Prosecutor conduit The raid on the Bithumb desktop in Yeoksam-Dong. The investigation should study the statements that Bithumb may have helped the former CEO Kim Dae-Sik, now advisor, with money to buy an apartment in the Seoul Seoulsu-Dong region.

A source close to the survey told YTN that Bithumb would have given Kim a lease won of 3 billion (approximately 2.4 million dollars) for the apartment, which could have been used for its purchase of personal goods.

At the time of the press, the prosecutor’s office made no official declaration concerning the details of the RAID because the investigation is still at its beginnings, notes the report. It is not clear if accusations will be deposited against Kim or other officials of Bithumb.

In September 2024, Crypto.News reported That Bithumb continues a first public offer on the Nasdaq scholarship in the United States, aimed at registration in the second half of 2025. At a shareholder meeting, the company would have confirmed the plan, revealing that he was actively pursuing a IPO with Samsung Securities as a tender.