Bithumb Under Investigation in South Korea for Alleged Misuse of Company Funds
20.03.2025 14:00 1 min. read Alexander Stefanov
South Korean authorities have launched an investigation into cryptocurrency exchange Bithumb, conducting a raid at its headquarters in connection with allegations that company funds were improperly used to finance real estate purchases by its former CEO.
The investigation, initiated by the Financial Supervisory Service (FSS), centers around claims that Bithumb diverted corporate money to secure a high-end apartment for the former executive.
This is the latest chapter in a series of regulatory challenges faced by Bithumb, one of South Korea’s leading crypto exchanges.
As of now, the company has not issued a statement regarding the raid or the ongoing investigation. Investigators are focusing on examining the exchange’s financial records and transactions in an effort to uncover further details about the alleged misconduct.
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Founded in 2014 by Javier Sim, Bithumb has become one of the dominant players in South Korea’s crypto market, boasting over 8 million registered users and a trading volume surpassing $1 trillion.
However, its continued regulatory scrutiny could have broader implications for its operations moving forward.
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