Bithumb offices in South Korea were stormed on Thursday by local authorities investigating token price manipulation, media house Yonhap news reported late yesterday. The crypto exchange is one of five crypto trading venues still running in South Korea after a major crackdown on digital asset service providers in 2021. Per the report, prosecutors conducted “a search and seizure to secure the transaction details of a specific coin”. An official added that the raid was not targeted specifically at Bithumb and that other crypto exchanges might be probed. The coin in question was not named for reasons that authorities are yet to share. South Korean investigators only noted that illicit profits were gained from price manipulation. It’s unclear whether the suspect is an individual or a group. Earlier in January, The National Tax Service opened an investigation on the crypto exchange for possible code violations. The watchdog pointed to transactions both local and international across Bithumb’s Korean division, its holding company, and other affiliates. The platform was also probed in 2018 for back taxes but the charges were dropped. Former Chairman Lee Jung-Hoon was also cleared of charges in a $100 million fraud case at the start of January 2023.
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