Bithumb raided over former CEO’s $2M apartment purchase, report

Bithumb was raided by South Korean authorities today after it allegedly provided its former CEO with $2 million for an apartment deposit.

YTN reports that the Seoul Southern District Prosecutor’s Office conducted the raid on Bithumb’s Yeoksam-dong headquarters after Kim Dae-sik allegedly misappropriated 3 billion won to buy the property in Seoul.

The Financial Supervisory Service initially launched an investigation and handed it over to Seoul’s prosecutors.

Read more: Pictures from Singapore raid that seized $735M in crypto and other assets

Bithumb was raided back in 2023, along with Upbit, after a South Korean lawmaker used the exchanges to hold roughly $4.5 million worth of wemix coins.

The official was accused of trading cryptocurrency during parliamentary sessions and had voted in favor of various crypto legislation.