Today, Bithumb, a cryptocurrency exchange based in South Korea, reported that its first-quarter sales were approximately 50.7 billion won, operating profit was approximately 16.2 billion won, and net profit was approximately 40.6 billion won. Bithumb saw a 60% drop in sales in the first quarter of 2023 compared to the same quarter the previous year.
According to a prior report by Coingeek, South Korean authorities are looking into allegations that Bithumb workers accepted bribes during the company’s Bitcoin promotion. Bithumb is being investigated by authorities on allegations that its employees accepted bribes to list cryptocurrencies. Seoul’s Financial Investigation Division 2 investigators raided Lee’s workplace and person.
The possibility of providing any information cannot be confirmed as the prosecution is currently conducting an investigation. According to the latest reports, the prosecutor’s office has conducted a seizure and search operation. However, it is important to note that the operation did not target Bithumb assets but individuals. Despite this, there has been some confusion and speculation surrounding the incident.
The prosecution was looking into Mr. Lee, the CEO of the exchange’s parent firm, for having listed a certain virtual currency on the market in return for real cash. It has been reported that Bithumb Holdings’ headquarters and her aunt’s residence were seized and searched by the Financial Investigation Division 2 of the Seoul Southern District Prosecutor’s Office.
It has been rumored that the prosecution is investigating allegations of illegal listing at other cryptocurrency exchanges, including Upbit, Corbit, and Gopax. Law and business experts have urged institutional reforms and tougher sanctions to deter such behavior.
