Shocking Scandal: Bithumb’s CEO Caught in Apartment Heist! 🏢💸

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So, picture this: South Korean prosecutors, armed with their finest magnifying glasses, have decided to raid Bithumb HQ. Why, you ask? Oh, just a little thing called “misuse of company funds” to buy an apartment for the former CEO. No biggie, right? 🙄

On March 20, the Seoul Southern District Prosecutors’ Office swooped in like a dramatic scene from a K-drama, searching and seizing all the juicy details at the company’s headquarters in Yeoksam-dong, Seoul. I mean, who doesn’t love a good plot twist? 📺

The Alleged Purchase

According to the gossip mill (a.k.a. local media), Bithumb allegedly handed over a whopping 3 billion won (that’s about $2.2 million for those of us not fluent in won) to Kim Dae-sik, the former CEO and now a “consultant” (read: living the good life). Apparently, part of this cash was used to pay the deposit on a swanky apartment in Seongsu-dong. Because, obviously, who wouldn’t want to live in style while being investigated? 🏙️

And get this: the deposit value skyrocketed by millions in 2023! Talk about a real estate miracle! Authorities are now convinced that Kim was using company funds for personal purposes. Shocking, I know! 🙈

The Financial Supervisory Service (FSS) has been on this case like a dog on a bone and has now passed it over to the prosecution. Because nothing says “trust us” like a government agency getting involved, right?

In a classic “we totally didn’t do it” move, a Bithumb representative admitted to some of the claims being true. Apparently, Kim took out a loan right after the FSS investigation started and paid back the full amount for the apartment. How generous! 💁‍♀️

Bithumb’s History of Legal Scrutiny

But wait, there’s more! This isn’t Bithumb’s first rodeo with the law. In 2023, they were raided alongside Upbit in a scandal involving a lawmaker who was caught with $4.5 million worth of Wemix coins. Talk about a crypto party gone wrong! 🎉

This lawmaker was accused of trading crypto during parliamentary sessions. I mean, who needs to focus on legislation when you can focus on making a quick buck, right? 🙃

Earlier that same year, Bithumb’s offices were raided again because one of their employees allegedly manipulated the price of BXA (Bithumb Coin). It’s like a never-ending soap opera, but with more money and fewer commercial breaks.

And let’s not forget about Kang Jong-hyun, the suspected de-facto owner of Bithumb, who was accused of embezzling and market manipulation. He was allegedly receiving bribes and misusing around $49 million in company funds. Just a casual Tuesday, really. 😅

In a plot twist worthy of a season finale, Lee Sang-jun, the former CEO, and professional golfer Ahn Sung-hyun were also implicated. Lee was accused of manipulating stock prices and accepting bribes, while Ahn was just there to facilitate the transactions. Because why not? 🏌️‍♂️

Fast forward to December 26, 2024, and the verdicts are in: Lee got two years, Ahn got four and a half, and Kang got one and a half. Who knew that being a crypto mogul came with such a hefty prison sentence? 🎭

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2025-03-21 07:34