The Offices of This Cryptocurrency Exchange Have Been Bumped For Allegedly Manipulating The Price Of An Altcoin!

According to the news of the local South Korean newspaper Yonhap, cryptocurrency exchange Bithumb’s offices, altcoin It was raided by the police on the allegation that the price was manipulated.

The name of the coin, whose price was allegedly manipulated, was not disclosed.

South Korean Prosecutors Announced They Will Also Examine Other Exchanges Listing The Altcoin In Question

Prosecutors said they are investigating transactions involving a particular person or entity changing the price of the coin to make a profit. According to the report, prosecutors also plan to examine the details of transactions on other exchanges where the coin is listed.

“This is a search and seizure to seize transaction details of a particular coin and has nothing to do with Bithumb,” an official from the Seoul Southern District Procuratorate said.

The raid came at a time when Bithumb was also being investigated by South Korea’s tax authorities and was investigating tax evasion through domestic and international transactions on the exchange and its affiliates.

In a separate investigation, local news sources reported this week that Bithumb Chairman Kang Jong-Hyun and two other executives were charged with embezzlement, breach of trust and fraudulent illegal transactions. Kang allegedly stole the company’s money and plotted to manipulate stock prices.

Bithumb is one of only five crypto exchanges operating in the country after nearly 70 local exchanges were shut down in 2021 for failing to meet regulatory requirements.

*Not investment advice.