South Korean regulators have seized the share of the native cryptocurrency change Bithumb from its main investor. The transfer has been in reference to an ongoing case of the change for allegedly defrauding its purchasers, reported native media.
The corporate’s director Kim Byung-Geon had his holdings within the change seized on the choice of the Seoul Central District Court docket on Sept. 14.
Kim was earlier sued within the means of unsuccessfully attempting to accumulate Bithumb. He additionally filed an software for the seizure of the share of the bulk shareholder, Chairman Lee Jung-Hoon.
The seizure was executed in the present day on the Bithumb Korea Workplace in Gangnam-gu and overseen by accounting agency Samjong KPMG. Earlier this month, the agency filed a Letter of Intent (LOI) that it plans to promote its personal share in Bithumb Holdings and shall be sharing a shortlist quickly.
Bithumb is at present beneath investigation for allegedly promoting BXA tokens for 30 billion received (about $25 million) however failed to take action, which resulted in buyers incurring big losses. The change has already been raided twice by the police this month.