Allegations of Bribery Emerge in South Korean Cryptocurrency Exchanges

Allegations of Bribery Emerge in South Korean Cryptocurrency Exchanges

On March 17th, it was confirmed that employees of Bithumb, another cryptocurrency exchange in South Korea, after Coinone, were also being investigated by prosecutors for allegedly collecting money to list cryptocurrencies. The Financial Investigation Department 2 of the Southern Seoul District Attorney’s Office conducted an arrest and search on the Bithumb Holdings office and the suspect Lee.

Bithumb employees are investigated by South Korean prosecutors for allegedly accepting bribes when the company launched cryptocurrency

Analysis based on this information:


In recent years, cryptocurrency has seen a surge in popularity across the globe, and South Korea has been no exception. However, with this popularity comes a rise in misdeeds, with allegations of bribery emerging against employees of cryptocurrency exchanges Bithumb and Coinone.

On March 17th, it was confirmed that Bithumb was being investigated by prosecutors for allegedly collecting money to list cryptocurrencies. The investigation follows a similar case uncovered in February 2021, where employees at Coinone were alleged to have taken bribes in exchange for listing new cryptocurrencies. These allegations have raised concerns not only about the integrity of South Korean cryptocurrency exchanges but also about the overall safety of cryptocurrency transactions.

The Financial Investigation Department 2 of the Southern Seoul District Attorney’s Office conducted an arrest and search on the Bithumb Holdings office and the suspect Lee. While details about the search are scarce, it is believed to be related to attempts to bribe officials in charge of listing new cryptocurrencies on the Bithumb exchange.

These allegations are particularly concerning given that Bithumb is one of the largest cryptocurrency exchanges in South Korea, with a daily trading volume of more than $3 billion. Investors may be wary of trading on Bithumb or other South Korean exchanges due to concerns about bribery and corruption.

While the investigation is ongoing, it is important for all cryptocurrency exchanges worldwide to uphold the highest standards of integrity and transparency. The success of cryptocurrency is dependent on the trust of its users, and any allegations of bribery or corruption undermine this trust.

In conclusion, the allegations of bribery in South Korean cryptocurrency exchanges are a cause for concern, particularly for investors who rely on these exchanges for safe and legitimate trades. The ongoing investigation highlights the importance of transparency and integrity in cryptocurrency exchanges worldwide, and the industry must take steps to ensure that trust is maintained.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/6363/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.