Bithumb, the largest cryptocurrency exchange in South Korea, is reportedly facing more police raids in Seoul. The Seoul Metropolitan Police Agency has conducted additional search and seizure checks at Bithumb’s headquarters in the Gangnam District on Sept. 7, local publication Seoul Shinmun reports. A police official reportedly said that the latest investigations aim to secure additional evidence related to existing allegations against Lee Jung-hoon, chairman of board at Bithumb Korea and Bithumb Holdings. As reported by Cointelegraph, the executive is purportedly accused of major financial fraud involving the BXA token. Promoted as Bithumb’s native token, BXA token has been never …
A judge in the Seoul Central District Court dismissed two claims filed by individuals against the controversial crypto exchange, Bithumb. The individuals were seeking $126,000 and $38,000 respectively for damages related to a data breach incident back in 2017. According to Fn News, plaintiffs Hong and Seo (both named only by their surname) stated that they had lost money due to a phishing attack using private data that was extracted in a hack of Bithumb. The third claimant, Jang, was granted $5,000 to cover his total loss. This amount reflects a much lower dollar value than his initial $27,200 claim. …
The South Korea-based CEO and executive director of a bogus crypto exchange have been jailed by a branch of the Supreme Court in Seoul for their roles in fraudulent trading activity on their platform. As reported by local media outlet Blockinpress, both executives from a trading platform called Komid had their appeals shot down by the court. One will serve three years, the other will serve two. Choi and Park, whose first names aren’t being disclosed by law enforcement, are accused of fabricating trading volume data for fake trades conducted on their platform. Doing so boosts reputation among the crypto …
Per a Dec. 11 announcement from the Department of Justice, Assistant Attorney General Beth Williams is out of the policy department Since 2017, Williams has been a leader at the Office of Legal Policy. Though the DoJ's announcement today explicitly says Williams is leaving the office rather than the department as a whole, it does not say where she is bound for next. As the announcement notes, Williams has been particularly involved in: "The department’s cyber policies, including coordinating the development of a recent white paper on cryptocurrency as part of the Cyber-Digital Task Force." This is in reference to …
Lee Jung-hoon, the former chair of the South Korean cryptocurrency exchange Bithumb, was found not guilty on Jan. 3 by the 34th Division of the Criminal Agreement of the Seoul Central District Court. Jung-Hoon was on trial under accusations of violating the Act on the Aggravated Punishment Of Specific Economic Crimes due to fraud. The case has been ongoing since October 2018, when the former chairman allegedly defrauded 100 billion won ($70 million) during negotiations for the acquisition of Bithumb from Kim Byung-gun, chairman of the cosmetic surgery company BK Group. Jung-hoon could’ve faced an 8-year sentence had he been …