In the operation launched against the Bitcoin exchange Bithumb, it is alleged that two tokens called GoMoney2 and Pixel were manipulated. As Kriptokoin.com, we have compiled the manipulation claims for the stock market for you.
Allegations of manipulation on this Bitcoin exchange
The Bithumb exchange is alleged to have manipulated and scammed two cryptocurrencies, GoMoney2 and Pixel Coin. In addition, the managers of the stock exchange were subjected to separate charges of embezzlement and price manipulation.
The token GoMoney2 continues to be traded on Bithumb. However, Pixel Coin, which was also discussed in other manipulation cases before, was never listed. According to local press reports, it is said that the prosecutors’ investigation may spill over to Coinone and Upbit exchanges. These two exchanges had previously excluded Pixel from the list on the grounds that they did not comply with certain conditions.
Before the investigation, the Seoul District Procuratorate issued an arrest warrant for Kang Jong-Hyun, who was the chairman of Bithumb’s board, and Kang Ji-yeon, his sister. Sister Kang Ji-yeon is the CEO of two companies that are Bithumb partners.
Vidente, a subsidiary of one of these companies, is also the largest shareholder of Bithumb. In addition, Vidente’s vice chairman of the board of directors attempted suicide yesterday after these investigations. However, the details on the subject are still unknown.
Will be reviewed on other exchanges
Bithumb offices were raided on Thursday as part of an investigation into price manipulation of a cryptocurrency traded on a South Korean crypto exchange, Yonhap reported. The relevant cryptocurrency is not defined. Prosecutors said they are investigating transactions involving a particular person or entity that moves the price of the cryptocurrency to make a profit. According to the report, they plan to examine the details of transactions on other exchanges where the cryptocurrency is listed.
An official from the Seoul Southern District Attorney’s Office said, “This is a search and seizure operation to secure the transaction details of a particular cryptocurrency and has nothing to do with Bithumb.” said. The raid comes at a time when Bithumb is also being investigated by South Korean tax authorities, which are investigating tax evasion through domestic and international transactions on the exchange and its subsidiaries.
In a separate investigation, local news sources reported this week that Bithumb Chairman Kang Jong-Hyun and two other executives were charged with illegal acts of embezzlement, breach of trust and fraud. Kang allegedly stole the company’s money and conspired to manipulate stock prices.
Bithumb is one of only five Korean crypto exchanges following the 2021 edition, when around 70 local exchanges that failed to meet regulatory requirements were shut down.
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