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Police summon Bithumb chairman for questioning over alleged fraud

Police summon Bithumb chairman for questioning over alleged fraud

The drama over alleged fraud involving Bithumb’s senior executives continues as the corporate’s chairman has reportedly been summoned for interrogation.

The Seoul Metropolitan Police Company is purportedly searching for to query Lee Jung-hoon, chairman of board at Bithumb Korea and Bithumb Holdings, based on a Sept. 18 report by South Korea’s state-run information company Yonhap.

As reported, Lee is allegedly accused of a number of fraud and embezzlement offenses relating to the failed itemizing of the BXA token. The purported fraud induced investor damages of as much as 30 billion gained ($25 million), the report notes. The police are additionally reportedly trying to query Lee over alleged embezzlement of buyers’ funds in abroad property purchases or offshore investments.

Based on Yonhap, Kim Byung-gun, one other chairman at Bithumb, is accused of being concerned within the BXA fraud alongside Lee. Nevertheless, the police haven’t but initiated an investigation towards Kim.

The most recent information comes shortly after Seoul police reportedly seized quite a lot of shares in Bithumb Holdings belonging to Lee. The exec reportedly failed to amass Bithumb, and has been sued within the course of.

As reported by Cointelegraph, native police carried out two raids on Bithumb’s workplaces in connection to the alleged fraud in September.

Bithumb has not responded to any of Cointelegraph’s requests for remark. 

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