11.6 billion won for housing for four executives and 36.8 billion won in regulatory fines. Bithumb has some interesting expense items)
On October 29, prosecutors raided the exchange’s office in Gangnam for the second time. It’s an old case: they first showed up on March 20, 2025, over a 3 billion won deposit for an apartment for the former CEO.
In short, here’s what’s known:
- A raid isn’t an indictment, and no names or charges have been disclosed
- The case has been open for 19 months
- The prosecution was disbanded on October 2; old cases can be pursued for up to 90 days, and the raid happened right in that window
- The fine was issued in March 2026 for approximately 6.65 million violations, so this isn’t the first regulatory claim in a year
When both the regulator and prosecutors are going after an exchange, that’s a red flag for me even without a verdict. Who knows, maybe it’ll all work out — I’m watching to see how the 90-day window ends. Subscribe so you don’t miss it.
#Bithumb #SouthKorea
On October 29, prosecutors raided the exchange’s office in Gangnam for the second time. It’s an old case: they first showed up on March 20, 2025, over a 3 billion won deposit for an apartment for the former CEO.
In short, here’s what’s known:
- A raid isn’t an indictment, and no names or charges have been disclosed
- The case has been open for 19 months
- The prosecution was disbanded on October 2; old cases can be pursued for up to 90 days, and the raid happened right in that window
- The fine was issued in March 2026 for approximately 6.65 million violations, so this isn’t the first regulatory claim in a year
When both the regulator and prosecutors are going after an exchange, that’s a red flag for me even without a verdict. Who knows, maybe it’ll all work out — I’m watching to see how the 90-day window ends. Subscribe so you don’t miss it.
#Bithumb #SouthKorea
