South Korean Cryptocurrency Exchange Bithumb’s CEO Summoned for Questioning Over Bribery Allegations

04/21/2023 12:23 • Tech Trends • 75 views

According to reports, the Financial Investigation Division 2 of the South District Prosecutor’s Office in Seoul, South Korea has summoned Lee Sang-jun, CEO of Bithumb Holdings, a South Korean cryptocurrency exchange, for questioning, accusing him of accepting kickbacks in exchange for a cryptocurrency listing. In exchange for listing certain cryptocurrencies in Bithumb Korea, Lee accepted bribes from Kang Jong hyun, the suspected beneficial owner of Bithumb.

South Korean prosecutors have summoned the CEO of Bithumb Holdings for questioning, accusing him of accepting kickbacks in exchange for a cryptocurrency listing

The Financial Investigation Division 2 of the South District Prosecutor’s Office in Seoul, South Korea has summoned Lee Sang-jun, CEO of Bithumb Holdings, a South Korean cryptocurrency exchange, for questioning over allegations of accepting kickbacks for a cryptocurrency listing. This is not the first time the exchange has been under investigation, and it has faced multiple legal battles over the past few years.

Background on Bithumb Holdings

Bithumb Holdings is one of the most popular and largest cryptocurrency exchanges in South Korea, operating since 2014. The exchange was previously hacked in 2018, resulting in the loss of millions of dollars worth of cryptocurrency. The exchange has also faced issues related to customer data breaches and trading disruptions due to server outages.

Allegations of Bribery

According to reports, Bithumb Korea CEO, Lee Sang-jun, is being accused of accepting bribes from Kang Jong hyun, who is suspected to be the beneficial owner of Bithumb. The investigation claims that Lee received bribes from Kang in exchange for listing specific cryptocurrencies on the Bithumb Korea exchange. The investigation is also looking into unfair profit distribution among the shareholders of the company.
The allegations of bribery and corruption are not new in the cryptocurrency industry, and many exchanges have faced similar accusations. This type of behavior can cause significant harm to the industry’s reputation and the trust that investors have in these exchanges. The cryptocurrency market heavily relies on transparency and ethics, and illegal practices can lead to severe consequences.

Bithumb Holdings’ Response

Bithumb Holdings has denied the allegations and claims that there was no such thing as accepting bribes for listing cryptocurrencies. The company’s statement also highlights that it has been actively cooperating and sharing relevant data with the authorities.

Conclusion

The integrity of the cryptocurrency industry is vital for its growth and survival. The allegations of bribery and corruption against Bithumb Korea’s CEO only highlight the importance of transparency and ethical practices. The cryptocurrency market is still in its early stages, and practices like these threaten its credibility.

FAQs

Q: What is Bithumb Holdings?
A: Bithumb Holdings is one of the largest and most popular cryptocurrency exchanges in South Korea, operating since 2014.
Q: What are the allegations against Bithumb Korea’s CEO?
A: The CEO is being accused of accepting bribes in exchange for listing specific cryptocurrencies on the exchange.
Q: How has Bithumb Holdings responded to the allegations?
A: The company has denied the allegations and has claimed that it has been cooperating with the authorities.

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