Bithumb is currently under investigation by South Korean prosecutors for allegedly misappropriating company funds to facilitate a former CEO’s apartment purchase.
South Korean authorities have conducted a raid at the headquarters of cryptocurrency exchange Bithumb amid allegations that corporate money was used to assist the former CEO in acquiring property.
The Seoul Southern District Prosecutor’s Office reportedly executed the search at Bithumb’s office located in Yeoksam-dong. The inquiry focuses on claims that the company may have provided former CEO Kim Dae-sik, now an advisor, with financial support for a real estate transaction in Seoul’s Seongsu-dong area.
According to sources familiar with the investigation, Bithumb is alleged to have issued a lease deposit of 3 billion won (approximately $2.4 million) for the apartment, potentially linked to Kim’s personal property acquisition.
At the time of reporting, the prosecutor’s office had not released an official statement regarding the details of the raid, as the investigation is reportedly in its preliminary stages. It remains uncertain if any charges will be pursued against Kim or other Bithumb executives.
In September 2024, plans for Bithumb to initiate an initial public offering on the Nasdaq stock exchange in the United States were revealed, with ambitions for a listing in the latter half of 2025. During a shareholders’ meeting, the company acknowledged the IPO plans, stating that it is working with Samsung Securities as its lead underwriter.
