South Korea raided Bithumb over former CEO's alleged embezzlement; negative.

From Cointelegraph
March 20, 2025
06:34:51 AM:

South Korean prosecutors raided Bithumb over suspicions that its former CEO embezzled funds to buy an apartment. The investigation centers on a 3 billion Korean won apartment lease deposit given to Kim Dae-sik, now an adviser, by the exchange. Bithumb claims Kim repaid the funds. Rumors of projects paying intermediary fees to get listed also surfaced.

Bithumb is facing a probe while pushing for an IPO. CEO Lee Jae-won is expediting the IPO process, reorganizing to reduce judicial risks. Former chairman Lee Jeong-hoon faced fraud charges in 2021 but was acquitted. Bithumb’s IPO plans date back to 2020, with obstacles hindering progress. In 2024, Bithumb Korea suffered a 57% loss in annual revenue while setting up a non-exchange business for its IPO debut.

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