South Korean prosecutors have initiated an investigation into cryptocurrency exchange Bithumb, conducting a raid on its headquarters due to allegations of corporate fund misuse.
Prosecutors' Investigation
The Seoul Southern District Prosecutor’s Office has launched an investigation into Bithumb, conducting a raid at its office in Yeoksam-dong. According to the local media outlet YTN, the exchange might have financed the apartment purchase of its former CEO, Kim Dae-sik, who is currently an advisor to the company. Allegedly, Bithumb provided him with a lease deposit of 30 billion won (approximately $20.4 million) for real estate acquisition.
Bithumb IPO Plans
While the raid and investigation are ongoing, Bithumb is still pushing forward with its efforts to go public in the United States. As of September 2024, reports indicated a planned IPO on Nasdaq for the second half of 2025. The plan was confirmed at a shareholders’ meeting, with Samsung Securities named as the lead underwriter.
Platform Developments
Despite the investigation, Bithumb continues to expand its offerings. The exchange recently added Bubble Maps (BMT) to its KRW market, broadening its supported digital assets. Trading was set to commence at 4:00 PM on Tuesday, March 18, 2025, with a base price of 211 won. Deposits and withdrawals for BMT are exclusively supported on the Solana network.
The investigation into Bithumb represents a significant development for the company, potentially impacting its plans for going public. Meanwhile, Bithumb continues to implement new features and expand its range of digital assets, despite the current legal challenges.
