South Korean authorities seize largest shareholder of Bithumb

02/22/2023 08:59 • Digital Disruptors • 90 views

It is reported that this morning, the South Korean prosecutor seized and searched Vidente, the largest shareholder of Bithumb (holding 34.22% of Bithumb’s shares), in the investigation of Bithumb-related companies suspected of misappropriating funds.

The South Korean prosecutor has formally sued Jiang Jong-hyun and detained and searched Vidente, the largest shareholder of Bithumb

Analysis based on this information:

The world of cryptocurrency has continuously faced scrutiny from the authorities due to various incidents of fraudulent activities. With the increasing demand for digital assets, there has been a parallel increase in the number of scams and fraudulent activities in the cryptocurrency market. Recently, the largest shareholder of the South Korean exchange, Bithumb, Vidente, has been seized by the South Korean prosecutor in their investigation of Bithumb-related companies suspected of misappropriating funds.

Vidente is a South Korean investment company that holds a significant portion of Bithumb’s total shares. Bithumb is one of the leading cryptocurrency exchanges in South Korea with a daily trading volume of around $1 billion. It has been in the news before for suspected manipulations of the trading volume, hacks, and other similar incidents.

The investigation into Bithumb-related companies has been ongoing for several months now. The latest seizure of Vidente indicates that the South Korean authorities are looking into the company for misappropriate funds related to its operations with Bithumb.

The seizure of Vidente is a significant development in the ongoing investigation into the alleged fraudulent activities of Bithumb-related companies. The authorities have been probing into the alleged manipulation of trading volumes of Bithumb and other exchanges connected with it.

The South Korean authorities have been vigilant regarding cryptocurrency-related activities to control fraud in the market. They have implemented strict regulations for cryptocurrency-related companies, including KYC and AML procedures. These measures are in place to check any fraudulent activities that could occur in the cryptocurrency market. However, despite these measures, fraud activity still persists.

In conclusion, the seizure of Vidente by the South Korean prosecutor in the ongoing investigation of Bithumb-related companies is a warning to other cryptocurrency exchanges and companies to operate transparently and with caution. The market demand for cryptocurrencies is not going anywhere, which means that fraudulent activities will continue to pose a threat to the industry. Therefore, it becomes imperative that the authorities and cryptocurrency-related companies work together to bring more awareness to the public about the possibilities of such incidents and strengthen the measures against it.

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