Korean authorities accuse Bithumb of price manipulation

02/02/2023

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According to sources, Bithumb is accused of possibly violating the country's tax code. There have been reports that the company is involved in manipulating the prices of locally-issued GoMoney2 and Pixel tokens, as well as fraudulent transactions.

In response, South Korea's National Tax Service (NTS) launched an investigation into Bithumb's operations and searched the company's premises. According to the Seoul prosecutor's office, the raid was aimed at obtaining the necessary transaction data on the tokens in question.

Kang Jong-Hyeon, the alleged owner of Bithumb, obtained an arrest warrant on charges of embezzlement and share price manipulation. The other outcome of the investigation by Korean authorities is not yet known.

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