South Korean police reopen investigation into Bithumb fraud case

The problems for Bithumb crypto exchange don’t seem to be over soon! On Monday, August 2, South Korean police reopened the investigation into the Bithumb fraud case involving the former Stock Exchange president.

The news comes just a month after Hong Kong regulators sued senior Bithumb executives in a fraud case in July. But after that, a group of 14 investors filed a second fraud case. The Seoul Metropolitan Police Department has launched an investigation into former bithumb President Li Jung-Hoon.

As reported by local publication the Korean Herald, BK Group Chairman Kim Ben gun is also linked to a fraud case and is currently under investigation. Publication reports:

In the complaint, investors said they offered 718 Bitcoins and 7,793 Ethereum worth 6.92 billion won ($6.01 million), and an unlisted currency called bxa would be issued and listed after Kim promised to take over Bitumb Korea in October 2018.

Unfulfilled promises for Bithumb takeover by Korea
Kim’s promises to investors and the media appeared to have been cancelled. The Bithumb Koran acquisition has not happened since investors ‘ money moved to Lee. Investors also claimed kim and Lee were involved in the case.

The sale of Bithumb Korea was scheduled for September 2019. Kim reportedly paid Lee $ 100 million but did not pay the rest of the funds. moreover, bxa’s list has never been made public, leading to huge losses for investors.

Last year, South Korean police launched a similar investigation following investor complaints. As noted, Seoul police last month charged Lee with $ 1,000 million in fraud against Kim.

With the final presentation, a group of 14 investors presented further evidence to police about withdrawals. Regulators around the world have been tough and have begun to hunt for exchanges with questionable behavior. Cryptocurrency regulation rules apply to

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